Yorkshire sees Unprecedented Demand for Rental Property

12 September 2012 Categories: News

Yorkshire sees Unprecedented Demand for Rental Property

The prominent Yorkshire-based letting agent, Linley & Simpson, have this month reported having an average of ten prospective tenants available for each rental property they market, showing that letting demand in the North remains incredibly high. The agency has experienced a large increase in tenant applications across all nine of its Yorkshire branches, but particularly in the city areas of Leeds and York.

This huge pool of available tenants has meant that landlords can literally pick and choose who they want to rent to, with well-paid professionals being top of the list. The consequence of this, says the agency, is that those with more modest wage packets are struggling to find properties suitable for their needs.

Will Linley, director of the letting agency, commented, “The dearth of properties reinforces what we predicted last year and, unless the Government introduces incentives or banks free up money for investors to breathe life back into the buy-to-let market, supply will continue to lag behind growing demand.

“Unless stock levels start to increase, more and more tenants will find it difficult to find a property and monthly rents will rise.”

He added: “At any one time we have more than 400 available properties on our database that links all our offices – but more than ten times that number of people registered.”

He also added that this problem isn’t confined to the Yorkshire area but is being seen across the industry as a whole