Letting properties faster than they are being taken on

According to figures released by the Communities and Local Government this week, one in every six houses is now a private rental property. Since 2000, the number of properties in the sector has risen from 1.8million to 3.9million, illustrating the shift in housing tenures England is experiencing.

Lizzie Fell, lettings negotiator and valuer at Sutton Kersh

Lizzie Fell, lettings negotiator and valuer at Sutton Kersh's Allerton & South Liverpool Lettings branch comments

The National Housing Federation is predicting a continuing fall in the number of homeowners. By 2021, it forecasts that only 63.8% of adults will be homeowners compared to 67.3% at the moment, and 72.5% in 2001.

Local letting agent Sutton Kersh has reported a recent surge in demand from tenants, and says that it is letting properties faster than they are coming onto their books. Over the last two weeks, they have reported two scenarios in which tenants have moved in on the same day they have taken the property on.

Lizzie Fell, lettings negotiator and valuer at Sutton Kersh's Allerton & South Liverpool Lettings branch comments “ In the last two weeks, we have twice experienced tenants moving in on the same day that we have received the keys from the landlord. In one instance, I referenced a couple of young professionals on the same morning that a landlord dropped off his keys and instructed us as his agent. That day, the potential tenants asked to view the property and by 4:30pm they had moved in. The same happened with a 3-bedroom new build property the week before. A lady met us at the house and wanted to take the property straightaway. The landlord was delighted with the quick turnover and soon after the lady moved in with her two daughters.

“The lettings market is incredibly fast paced, and tenants must act quickly when they find a property they like. This is especially true at the moment as high tenant demand continues to outstrip the supply of high quality stock.”

With a large database of waiting tenants, eager to move into new accommodation as soon as possible, Sutton Kersh are giving away a free EPC with every new instruction for a limited period only, to try to entice more landlords into the marketplace.

Sutton Kersh is a long established independent chain of property agents operating 6 branches across Liverpool, with specialist departments for residential sales, lettings and property management, auctions, commercial property, surveys, valuations, EPCs and mortgages.

James Kersh, director at Sutton Kersh comments “For investors with available capital, now is good time to enter the buy-to-let market. There are some exceptional deals around on properties in prime rental areas. Rental values remain steady and with demand outstripping supply, there is potential for generating good yields if you invest wisely.”