Rental home demand at record high

Rents are on the rise with the number of tenants seeking rented accommodation hitting record levels in the second quarter of the year, new figures show.

The number of people signing up with the UK's largest letting agent, Countrywide, rose to 50,480 in the three months to the end of June, a 16% rise on the previous quarter and the highest number seen since its records began in 2003.

In June alone, the figure was boosted by registration of 18,000 new tenants, the biggest monthly total and a 22% increase from May.

A 6% fall in the number of homes being let during the same period means the average number of tenants competing for each rental property is 5.5, up from 4.9 during the first quarter.

The South West is the most oversubscribed region, with an average 23.1 people chasing every two-bed rental property.

The fall in supply has seen a "marginal increase" in rents, with the average cost of a four-bed home increasing by 4% to £1,090 during the quarter, Countrywide said.

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