Landlords with property in Outer London and the East Midlands are reporting the strongest levels of tenant demand in Britain, Paragon Bank research has revealed.
The research of 983 landlords, carried out by BVA BDRC, showed 91 per cent of landlords reported rising tenant demand in outer London during the second quarter of the year, with 67 per cent reporting demand grew ‘significantly’.
In the East Midlands, 86 per cent of landlords reported rising tenant demand, followed by Wales at 82 per cent.
The weakest region for tenant demand was the North East, with 69 per cent of landlords recording an increase in demand.
Overall, 67 per cent of landlords across Britain reported increasing levels of tenant demand during the second quarter, unchanged from the first quarter and an equal record high. Only two per cent of landlords reported falling levels of demand.
The survey highlighted that strong demand was leading to rent increases – 87 per cent of landlords said rental prices were increasing in their local market, with 51 per cent stating that they planned to increase rents across their own portfolios within the next six months.
Landlords with properties in Wales (94 per cent), the North East (92 per cent) and Yorkshire & Humber and East Midlands (on 91 per cent) were most likely to see rent increases in their local market.
Paragon Bank Commercial Director of Mortgages Louisa Sedgwick says: “Tenant demand shows no signs of slowing down in many parts of the country. With supply not growing quickly enough to keep pace, we are seeing rental inflation and that is likely to continue until we see demand more in balance with supply.”
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Let’s face it, tenants are up the river with no sight of a paddle 🛶. Their lives in the future are going to be brutal. 🆘
So right Simon. Why can't the pro-tenant groups see that what is bad for LLs is bad for tenants?
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