Demand for UK rental property has soared over the past twelve months, with seven tenants now chasing every new property on the market, according to a report.
The surge has pushed up rents across Britain, according to Sequence, which analysed the prices of hundreds of lettings from estate agents including Barnard Marcus and William H Brown. The average UK tenant outside London paid £697-a-month in rent in July compared with £670 a year ago, while rents in London increased by 6pc to £1,515.
Demand for rental properties across the UK increased by 18pc in July on an annual basis and by 7pc since June, while supply fell by 19pc and 1pc respectively, according to the report. In the capital, demand increased by more than half in July on an annual basis, compared with a 3pc annual decline in supply.
Read more at: http://www.telegraph.co.uk/finance/economics/11066577/Rental-demand-soars-as-seven-potential-tenants-chase-every-property.html