The number of tenants seeking rental properties has reached an eight-year high, according to the Association of Residential Lettings Agents.
Ian Potter, operations director of ARLA, said: “The market has bounced back in a way that no one could have predicted, to levels of demand that have not been seen since the last century.
The levels of demand are the highest since the ARLA survey began nearly a decade ago and are more than double those experienced at the peak of the home ownership property buying boom in 2007. Demand is highest in the south-east where 81% of agents have stated that there are more tenants than properties compared to 67% in the rest of the UK and 73% in central London.
Potter added: “It has to be hoped that this unprecedented growth in the rental market will attract much-needed investment into the private rental sector as it copes with the huge surge in demand from a generation who cannot afford to buy.
Landlords we need your properties URGENTLY !