Competition is fierce in the rental market
Wednesday, July 27, 2011 at 08:36AM A couple of weeks ago a friend of mine decided to rent his house out, privately, and even I was surprised at the speed in which he got a tenant. Having advertised the property in the local paper, by close of play that very same day, the house was rented, with the full deposit already produced!
So it’s with interest that I read the research commissioned by flat-sharing website EasyRoomate, which indicates that an average of four tenants are competing for each room available to rent in the UK. In some places, this figure is more than 13.
The demand for rental properties is being blamed on the reluctance of lenders to grant mortgages to first-time buyers.
The research follows the publication of figures from the Council of Mortgage Lenders (CML) showing 15,900 loans were granted to first-time buyers in May 2011 – a 2.5 per cent drop from last year’s figure and well below figures from 2006 and 2007 when the housing market peaked.
According to the CML, first-time buyers are now borrowing an average of 80 per cent of a property’s value, with just three per cent taking an interest-only mortgage to help them get a foot on the property ladder, compared to 30 per cent before 2008.
Analysts say that while lending levels in general are slowly heading in the right direction, first-time buyers are still experiencing difficulty obtaining a mortgage.
In my opinion, this ‘rental boom’ is set to continue as a reluctance to lend, coupled with an understandable nervousness around borrowing, means property sales will remain slow for the foreseeable future.
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