Properties let in record time

Landlords of residential properties are finding that their properties are letting in record time according to a new report.

According to the recent released figures, properties are on average letting within 12.7 days, after being initially advertised, the report also suggests that there are on average 5 tenants for every available property in the UK.

Due to the current fluid and buoyant market place, many landlords are who simply don’t have the available time or marketing skills, are turning to letting agents to rent out their property.

John Hards, who is the managing director of the company compiling the figures, claimed that many tenants are aware of this fact and are therefore being more pro active and make a decision much quicker than normal, when choosing a property.

Speaking to The Guardian, he said: "Tenants now understand that properties aren't staying on the market for long, and many are setting up email alerts and SMS alerts with our branches to know instantly when a suitable property becomes available so they can arrange viewings. "Our findings show that couples under 35-years-old remain the largest proportion of tenants, so the demand for one and two-bedroom properties remains very high, with most available properties snapped up extremely quickly."

Kevin Cox founder of Bristol letting agents igloolets.com said “Renting in Bristol is now very competitive, flats to rent in Bristol are just flying out the door. People who are now looking to rent in Bristol have to be prepared and on their toes, if they are going to secure the property of their choice. With demands for rooms to rent being very strong as young people look to downsize from the one bedroom flat, to reduce outgoings.”