Tenants 'queue up' for residential lettings
News Category: Industry News
Published: 25-Jun-2008
This article was brought to you by Rentman the premium rent management software
Tenants are "queuing up" for residential lettings amid further turmoil in the property market, according to the Homesearch Company.
Figures from the British Bankers Association (BBA) indicate that the number of mortgages approved in May reached an all time low, with just under 28,000 approved last month.
That is less than half the number approved in May 2007 and reflected a 20 per cent fall in approvals compared to April this year.
But while BBA director David Dooks cites increasing "economic pressures on households" as the cause, letting agents look set to reap the rewards.
According to Katy Waite, director of County Homesearch Company, former homeowners now face being "gazumped" in lettings.
She told the Times: "Many of our clients are facing the prospect of being gazumped after bidding for properties to rent.
"Landlords havepeople queuing up, ready to pay full deposits on the spot and the full rental price without question."
This all but confirms the recent statistics from the Association of Residential Letting Agents (Arla), which revealed that 40 per cent of agents have more prospective tenants than residential lettings available.
Find out more about letting agent software
