Landlords and Letting Agents Welcome Further Rise In Tenant Demand

Soaring tenant demand for rental property is set to continue in the immediate future according to the latest Private Rented Sector Trends Report from buy-to-let mortgage specialist Paragon.

The quarterly snapshot of the private rented sector and buy-to-let market shows that 49 percent of landlords recorded growing levels of tenant demand during the period, compared with just 5 percent who observed it to be in decline.

Looking at the long-term outlook, landlords expect tenant demand to continue strengthening with 52% surveyed expecting demand to increase during the next year, with only 6% predicting a decline.

Paragon Group Chief Executive, Nigel Terrington, stated: “Landlords are experiencing high levels of tenant demand, and this is expected to rise due to a number of factors, including social housing reforms, lifestyle choices, low numbers of first-time buyers and wider demographic changes."

He continued, "We are seeing evidence that strong tenant demand is feeding through to higher rents. A lack of available mortgage finance is restricting the sector’s ability to expand and needs to be addressed to create a healthy and vibrant buy to let market in the UK.”

The report also noted that the void period fell for the third quarter in a row to 2.8 weeks a year. Mr. Terrington added: “Landlords have experienced a positive start to the year. Tenant demand continues to strengthen, yields are rising and confidence is high. Prospects for landlords in the private rented sector are high and they can expect this to continue throughout, and beyond, 2011.”

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