Applicant levels have doubled in some branches in comparison to December 2009 and there has been a significant increase in the number of prospective tenants arranging viewings, making offers and re-confirming their requirements. Year on year, overall demand is up in excess of 30%.
Caroline Kavanagh, group lettings director for Badger Holdings commented, “The demand for property has certainly outweighed supply in January with a lack of new properties coming to the surface to meet this increased demand. In some respects this has its advantages in that tenants are making decisions more swiftly after viewing a property. Previously is wasn’t abnormal for prospective tenants to see up to ten properties before making a decision, with fewer options in the market pushing prices up, people are more eager to commit before running the risk of missing out on a property.
The most sought after properties at the moment are one and two bedroom apartments and three bedroom houses. In the last month we have seen prices in some locations rise by as much as 8%, especially in the London areas. I think the market feels refreshed after the Christmas break and I see no signs of the improving sales market affecting tenant levels which should result in a very lucrative lettings market in 2010.”
