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Increased demand and a reduced supply has meant that there are now, on average, seven tenants fighting over each rental property.
According to the latest data from Sequence, (parent company to agency brands including Barnard Marcus and William H Brown) this stiff competition is a result of soaring demand, up by 18 percent over the 12 month period from July 13 to July 14, set against a fall in supply of 19 percent.
Stephen Nation, Sequence's head of lettings, Stephen Nation said “The rental market across the UK is increasingly competitive with demand rising at the same rate at which supply is dropping [while] activity in London’s rental market is even more abuzz. This severe shortage of rental properties coming onto the market means that rents in the Capital have increased by 6pc annually to £1,515 per month."
The ONS's recent figures showing a leap in net migration and tenants increasingly unable to transfer onto homeownership, this perfect storm will inevitably rumble on.