Saturday, May 28, 2022
Landlords

Tenant demand hits highest level since 2011

Paragon Bank

The research found that during Q1 2022 the number of people seeking privately rented homes has grown consistently throughout the course of the pandemic

The strong tenant demand seen during last year has continued into 2022 after growing to the highest level recorded since 2011, according to Paragon Bank.

The research, which was undertaken by BVA BDRC on behalf of Paragon Bank and surveyed 729 landlords, found that during Q1 2022 the number of people seeking privately rented homes has grown consistently throughout the course of the pandemic.

The 62% of landlords who reported increasing tenant demand in Q1 2022 has doubled from the same period a year ago. It has also increased by almost four times the level reported in Q1 2020 when only 16% of landlords felt that demand was growing.

As part of the most recent research, over 700 landlords were asked to assess tenant demand over the previous three months.

The research also showed that a ‘significant increase’ in tenant demand was seen by 34% of respondents, with a further 28% reporting slight increases.

Perceived decreases in tenant demand, both significant and slight, were recorded by just 3% of landlords, the lowest on record.

On a regional basis, increasing tenant demand was reported by 84% of landlords operating in Central London, a substantial increase compared to the 12% seen in Q1 2021.

The increase places Central London alongside the South West and Wales as the regions seeing the highest levels of increasing tenant demand during the previous three months.

Paragon Bank mortgage sales director Moray Hulme says: Another record high in the proportion of landlords reporting increasing tenant demand reaffirms the need to increase the supply of homes in the private rented sector.

He said: There is evidence of landlords exiting the sector with many citing increasing tax and regulatory requirements making their lettings business more arduous to operate.

Important:

The articles are for information purposes only and Invest for Property shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.

Invest for Property does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

Leave a Reply