Letting agents and landlords are experiencing a growing imbalance between robust demand for rented properties and limited supply of accommodation. This is according to James Davis, chief executive officer of leading online letting agency Upad.co.uk, who noted that the company is seeing “far more” enquiries from prospective tenants than 12 months ago.
He noted that this comes at a time when a national shortage of rental properties is taking hold in the UK, particularly in areas such as London, which is causing rent prices to increase. As such, Mr Davis said this is increasing the onus upon tenants to prove their own credentials to landlords as risk-free prospects.
He cited “signing longer terms for a property and going fully prepared with references, credit checks and previous landlord references” as attractive points that property owners are seeking from tenants.Earlier this month, research from Knight Frank showed that a large proportion of prime rented property in London is being taken by tenants from overseas.