Demand for rental properties grows in north and central parts of UK |
| Monday, 04 April 2011 |
| Northern and central regions of the UK are catching |
Northern and central regions of the UK are catching up with the south of the country in terms of property rental demand, it is claimed.
Tenant demand has soared in the north and central England over the past year, while the south and London have remained broadly flat, according to Sequence Lettings, part of Skipton Building Society’s estate agency subsidiary Connells Group.
Sequence has 82 lettings outlets nationally and has found that while demand continues to be strong in London and the South, it has seen the number of people looking to rent in its northern and eastern and central regions increase by 22% and 31% respectively.
Nationally, Sequence observed a 37% uplift in the number of people seeking properties to rent, and the upward trend continues into 2011, with February’s figures approximately 8% higher than the same period last year.
And in order to help cater for the burgeoning demand, Skipton has this week re-entered the buy to let market with a range of new two and three year fixed rate buy to let mortgages with interest rates from 4.45%. Having temporarily ceased buy to let lending in 2009, the Society believes the time is now ripe to re-enter this market in a prudent way.
‘With the number of UK households increasing and continued uncertainty over jobs and the economy, we have seen a trend of people renting for longer. This unprecedented demand, along with increasing yields, make now a great time for investors to expand their portfolios,’ said Stephen Nation, divisional managing director for Sequence Lettings.
Sequence’s observations chime with general market indications that the landlord sector is experiencing a resurgence. ‘This is just the latest example of how, as a mutual, we are doing our bit to provide product solutions which help fulfil people’s evolving homeownership aspirations,’ said Kris Brewster, Skipton’s head of products.
‘We believe the buy to let sector is a key component of a successful housing market, with private landlords meeting a real social need and providing a vital first stepping stone towards homeownership for tomorrow’s first time buyers who are the oil which keeps the housing market machine moving,’ he explained.
