Tenant demand is on the rise

Landlords may be drawing up more tenancy agreements as new figures show that demand for rental properties is on the rise.

During the fourth quarter of last year, 40 per cent of landlords reported a rise in interest from tenants, Paragon reveals, making it the highest level recorded in the past two years.

Growing levels of demand have now been seen for six consecutive quarters, which the group believes is down to constraints on mortgage lending.

Nigel Terrington, Paragon Group chief executive, commented: "Tenant demand shows no signs of slowing down and in some busy markets, such as London, there is anecdotal evidence of sealed bids being used for certain properties."

He added that the issue of the supply of rental property also needs to be addressed if the industry is to thrive.

The Association of Residential Letting Agents recently warned consumers of a rise in sites promoting fake properties to potential renters.

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Published on: February 21, 2011

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