UK Rental Market Outlook for 2012

03-02-2012

The UK rental market looks set to continue growing in 2012, presenting the same challenges as 2011 to potential renters.

The current economic uncertainty has affected the rental market in several ways. More and more people are looking to rent as they are unable or unwilling to obtain a mortgage, and rising unemployment levels has meant that would-be candidates may need to relocate quickly to take up a new position. These are just two of the factors that have affected the rental market, as more UK tenants are now looking to make a rented property their long-term home, and this trend for renting as a preferred lifestyle is expected to continue throughout 2012.

With these new would-be tenants flooding the market, the most attractive rental properties continue to be in short supply. This bubble is not expected to burst anytime soon; average rents across England and Wales rose by 3.5% in 2011 and this is expected to continue in the coming year.

In this current situation the landlords hold all the cards as they are likely to have many prospective tenants for the one property. Sterling recommends that assignees begin their property search as soon as possible.  We would advise you to be open-minded on your chosen location, and to move quickly on properties that meet your criteria as the current average time of a house on the market is 5 days & Landlords often expect to receive an instant decision.