HOT MARKET: Every property put on market receiving 20 viewing requests

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Rental properties in the North West are each attracting an average of 30 viewing requests as competition among prospective tenants grows more intense.

Data commissioned by the BBC from Rightmove shows an average of 20 requests to view each available property in Britain, up from 19 the previous year, and six in 2019. In every region, the number has at least tripled since 2019.

Anecdotal evidence shows tenants are offering more than the asking rent or arriving early to get to the front of the queue.

Paul Forbes (pictured), an estate agent in Preston, told the BBC that properties were often let after the first block viewing of interested home-hunters because demand is so high.

This demand has soared as rising mortgage rates and costs are prompting some landlords to sell up. The resulting mismatch in supply and demand has contributed to sharp increases in rents.

Rents are also rising at their fastest annual rate since comparable records began in 2016, with the average rent paid in England now £960, according to ONS figures.

Imbalance

Aneisha Beveridge (pictured), head of research at Hamptons, says London rents will continue to rise as landlords in the area are selling up, because profits had dropped – with 43% fewer homes available to rent in London compared with 2019.

“That imbalance is what is fuelling rents at the moment,” she says. Rent increases are likely to continue, adds Beveridge, while the profile of tenants could also start to shift. Younger people could live with parents for longer, and more than one million over 65s would be renting within a decade.

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