The race to rent
Intense competition between tenants for a dwindling number of homes available to rent has pushed up costs and made the search all the more stressful.
Renters are in a scrum. More people are chasing fewer homes, so securing a tenancy is hugely competitive. Figures compiled for the Βι¶ΉΤΌΕΔ show flats and houses are being snapped up much quicker now than before the pandemic. The estate agency Savills says two-bedroom flats in Britain were listed on the property website Zoopla for an average of 35 days in 2019. In the last year, that was down to 25 days on average. In the north west of England, the average listing time for a two-bedroom flat has halved since 2019, to 18 days. For many potential tenants this means they may need to make an instant decision on whether to apply for a tenancy, or face missing out. Landlords and agents say there is little sign of improvement in the coming months. The National Residential Landlords Association says its research suggests the number of available properties will fall, as ongoing tax and regulation pressures mean its members sell up.
So what can you do about it? The Βι¶ΉΤΌΕΔ's Cost of Living Correspondents, Kevin Peachey and Colletta have the answers in this episode of our 5 Questions On podcast.
Image Credit: Getty.
