We are all used to queuing up at the traffic lights at busy junctions during rush hour, but how many of us would tolerate being stuck on a waiting list just to have a roof over our head? Sadly it appears this is becoming the norm for many people searching for rental homes in the more popular parts of the UK.
One Yorkshire based letting agency has reported that it has at least ten people waiting in line for every property on its database, and because demand for rental properties is so high, only the most desirable tenants are being selected by landlords on its books. Of course there are many who have hit back at the firm’s claims and suggested that although the rental market is undeniably busy, it isn’t THAT busy! After all, such a story is undeniably good publicity for any agency hoping to attract new clients!
But even if the agency’s claims ARE slightly exaggerated, it is hard to dispute the fact that the buy to let market is certainly booming right now. Mortgages remain difficult to secure and the majority of people simply can’t afford to buy, which leaves very few options other than renting. Unfortunately, however, the shortage of bank funding is not just affecting would-be buyers: there is also a shortage of rental properties thanks to problems faced by property investors trying to borrow money in order to increase their property portfolios.
So what are your experiences – do you have prospective tenants on a waiting list? Let us know!
