11th
Nov 2020
The North West and South East are enjoying the highest level of tenant demand since 2016.
pixabay.com
A buy-to let lender claims that tenant demand in Q3 of this year has hit a four year high as 29% of landlords that took part in a survey said they had seen a notable increase in tenant enquiries during July to September.
This is the highest number of landlords taking part in the survey that reported increasing tenant demand since the corresponding period in 2016.
The two regions that reported the most significant increase in demand were the North West and South West of England with 44% of landlords reporting growth; the East Midlands wasn’t far behind with a 40% increase.
However in Central London there was only 16% of landlords that reported an increase, whereas in Outer London it stood at 25%.
Richard Rowntree, managing director of mortgages of the lender, said that both Rightmove and Zoopla had reported record levels of increased tenant demand from May when the market reopened and tenants were able to consider if they wanted to move.
Rowntree said: “Outside of London, demand is buoyant from the East of England, where 27% of landlords are reporting growth in demand, to the North East and South West, where nearly half of respondents are telling us they are seeing positive growth.”
He continued: “We expect this to continue for the foreseeable future and there’s a number of factors we’re seeing at play.
“For example, there’s been growth in homeowners taking advantage of strong prices and selling to move into rented, people are looking to secure a new home ahead of entering a potential second lockdown, whilst students left it late to secure property for the new academic year.”
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