'Significant increase' in residential lettings activity

News Category: Marketing

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Falling property prices and higher-quality homes have led to a significant increase in rental activity, according to a property website official.

Andrew Smith, head of research at FindaProperty, said tenants are the winners as the rental market has been flooded by stock, driven in part by frustrated sellers opting to list their homes to rent.

The trend could mean more letting agents and professional landlords opt for property software to improve their offerings and get ahead in the current, crowded residential lettings sector.

Indeed, Globrix chief executive Daniel Lee said this month that tenants are now able to demand high-quality properties for less money because of oversupply in many areas of the UK.

Although research by FindaProperty showed that rental prices fell 1.2 per cent on average last month, Mr Smith said: "Gross yields remain stable and could improve as house prices continue to fall."

He added that some cash-rich investors are exceeding average yields by "several percentage points" after snapping up bargain properties.

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