Rented property demand grows
Demand for rented property has hit a new high, according to a survey of landlords
Of over 700 landlords questioned for Paragon Bank, 65% said they saw an increase in demand from tenants over the past three months.
“We’ve seen demand for privately rented homes climb consistently since the pandemic,” said Moray Hulme, mortgage sales director for Paragon Bank. “The fact that the all-time high we reported earlier this year has now been surpassed supports our view that the private rented sector remains an essential component of UK housing provision.”
Furthermore, 39% of landlords reported that demand had “increased significantly,” the highest proportion that has been recorded since the metric was first tracked in 2011.
The survey also revealed certain regional trends. Landlords in the regions of South West, Wales, and Outer London noted strong demand during each quarter, so far in 2022.
“Renting appeals to people of different demographics and from all walks of life but the flexibility and relative affordability of rented accommodation means its value is even more apparent at what is an economically challenging time for many,” Hulme added.
