Even greater demand for rental property

June 29, 2015

According to research by the Countrywide plc, the UK’s largest property services group, increasing numbers of landlords are able to re-let their property before the existing tenant moves out.
The average UK property is taking 32 days to let, that is the lowest figure on record, over half of new lets in London are agreed prior to the sitting tenant vacating the property, that is double that of the North East of England.Finding a new tenant appears to be an easier task now than ever before, on average to date 33% of all lets are agreed while the property is still occupied, that is up from 27% last year.
Landlords are under less pressure to negotiate the rent with the incoming tenant when it is already occupied, opposed to the situation when the property is vacant, then the incoming tenant has more room to negotiate, every day a rental property is on the market without a tenant, the landlord is losing rent. If a deal is not agreed during the first week of marketing, landlords become increasingly receptive to offers. 98% of the cases where a landlord accepts an offer below the asking rent are after the property has been on the market for more than a week.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

UK House Price Index for January 2025

The latest index shows that: The average monthly rate of house price growth in January was -0.3%. Average UK house price annual inflation was 1.3% in the 12 months to January 2025. As a result, the average UK house price currently sits at £268,000.   Here are some thoughts from the Industry.   Damien Jefferies,…
Read More →
Breaking News

Exchange time reaches 135 days

Property transactions slow as exchange time reaches 135 days — up 45% on 2019 The time it takes to exchange contracts has risen to 135 days — 45% longer than in 2019 and 3% higher than last year — despite a drop in property transactions year-on-year, it emerged today. Novus Strategy, the transformation consultancy for…
Read More →
Breaking News

Industry response to latest inflation figures and its impact on housing

Industry response to UK inflation remaining at 3%. Nathan Emerson, CEO of Propertymark, comments: “Although inflation has remained steady since last month, it is important to acknowledge geopolitical tensions moving forward, and the effect such pressures may have on many households over the coming months. “Today’s news should help bring a measured sense of consistency…
Read More →
Breaking News

Foxtons Lettings Market Index – February 2026

Seasonal recovery as improved supply and demand indicates a return of market momentum   Lettings market is showing signs of seasonal recovery as we see market activity picking up, with February performance indicating that momentum is returning following a usually quieter winter period. Renter budgets remained broadly stable, averaging £540 per week year to date…
Read More →
to let sign 2025
Letting Agent Talk

The best time to list a rental property in London revealed

Lettings experts at Kinleigh Folkard & Hayward reveal the best time to list a rental property in London to get twice as many enquiries Spring is a natural reset for our homes with a light refresh going a long way to help us feel rejuvenated. A quick coat of paint where walls look tired, fresh…
Read More →
Rightmove logo
Breaking News

Rightmove expert reacts to ONS figures

Colleen Babcock, property expert at Rightmove, said:  “Today’s ONS figures reflect the seasonal uplift we typically see at the start of the year, which mirrors what we’ve already observed in our own January and February data. With the number of homes for sale now at its highest level in over a decade, buyers are benefiting…
Read More →