Agents turn tenants away as rental properties dry up.

For many months, there has been an acute shortage of properties available for rent in London, and now that is beginning to manifest itself in other parts of the country.

One of Birmingham’s letting agents has been turning tenants away, as their in unprecedented demand for rental property in the West Midlands.

A few years ago you would have seen block after block of new build flats standing empty and there was a wide variety to choose from, with rents falling. How the market has changed in the last two years, with demand outstretching supply.

Area’s of Bristol are now beginning to see the same, as agents compete with each other, offering deals to Landlords to attract their business, hoping the Landlord will instruct them on a continuing basis.

The market is now a complete contrast to a few years ago when most agents would have sometimes 60 or 70 properties on their books at anyone time.

Kevin Cox founder ofBristol letting agents Igloolets.com said. “ The shortage of supply is being made more difficult because landlords are still finding it difficult to obtain funds needed to expand their portfolios, unless they are able to provide higher deposits which can work out at 20 -30% of the purchase price in some cases being £40,000 which is simply to much for the average landlord to afford”