Buckle up, because the rental market is on fire. Housing site Rightmove has released its latest report which shows that demand for rentals is increasing in the market. The figures indicate that demand is rising as a group of future first-time buyers wait in the wings to enter the market once they feel like they have more financial certainty. Many people are pausing to see what happens with mortgage rates in the new year. As these potential home buyers take a wait-and-see approach they are looking towards the rental market as a short term alternative, while they watch and wait.
The latest figures show that the number of people enquiring to move within the rental market is up by a whopping 23% compared to last year.
Christian Balshen, Rightmove’s rental spokesperson, added: “It’s extremely frustrating for so many people in the rental market right now, with demand so high. Tenants are trying to secure viewings for properties as soon as they hit Rightmove, and the stock shortage means that agents are dealing with an unmanageable number of enquiries.
“The number of aspiring first-time buyers who have now had to turn to the rental market is exacerbating the situation further. We’re seeing some more properties coming to market, but nowhere enough to meet demand.
“We’re hearing from agents that finding out more information about a tenant earlier is one way they are trying to cope with demand, so we’d recommend to anyone looking right now to give as much info as possible about their position, how quickly they can move, and to get their references ready so they have a better chance of getting the place they want.”
If you are looking to move within Newcastle under Lyme, Stoke -on-Trent or South Cheshire contact us
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