Rental demand 'reaches record levels'

Posted: 09 Feb 2012 12:40:13 GMT

A record level of rental demand was recorded in 2011.

Last year saw rental demand in the UK reach record levels, new research has shown.

Carried out by Countrywide, the research revealed more than 275,000 new tenants registered for private rental accommodation in 2011, which marked a 24 per cent increase on that witnessed in 2010.

During quarter three of last year, almost 80,000 new renters joined the books of Countrywide agents, while the level reached in August was the highest since the property services group started keeping such records.

Nick Dunning, commercial director at Countrywide - which has a history stretching back to 1986 - noted rental has become the new norm, with the UK currently in the midst of a rental boom.

The industry figure observed that although property levels are gradually improving, this will not be enough to satisfy demand, adding: "With a record number of tenants entering the private rental sector, there is a vast shortage of properties available in all areas of UK."

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