Greycoat Real Estate reviews record-breaking rental demand
Greycoat specialists share information concerning the UK´s current housing trends. The level of demand for safe, affordable rental housing hasn’t improved as much as previously hoped by letting agents and others in the industry.
Record-high rental prices, coupled with record-high demand, have made the work of letting real estate agents all the more difficult this year. Rental prices remain at a five-year high, 8.5% above last year. Demand holds at approximately 13 enquiries per property, versus five enquiries per property five years ago.
Letting agents and potential tenants also struggle with an even more difficult fact, Greycoat recalls. The number of available properties still remains extremely low and far below the 2019 pre-pandemic norm by approximately 26%, or 50,000 needed units. Although rent averages have slowed and remain low enough to help potential tenants seeking affordability.
The number of rental house hunters is at an all-time high of 54% above the average of five years ago. As a result of these factors, with more choices opening up and tenants struggling to find affordable options in local markets, landlords for an estimated 30% of all four- and five-bedroom rentals and other top properties have only been able to rent their homes by drastically reducing rents. And this is when Greycoat agency comes in handy.
This level of reduction hasn’t been seen for over a decade (2012). Even with such high demand, many people can’t afford available properties because of continued higher-than-normal rents. The level of demand and a general slowdown in increases in asking rents point to economic inequalities and the greater need for affordable rentals at lower rents, Greycoat finally states. Yet, finding landlords willing to make an investment with a lower return remains difficult.
