The twin engines of demand and supply are propelling the rental market to new highs, according to property chain Sequence.
Drawing data from 300 branches and 20,500 properties, Sequence said that new properties available to rent were up 27% on a year ago, with tenant demand growing at the rate of 5% a month.
The number of new tenancies is up 20% from this time a year ago, and rose 3% in May alone.
Sequence, which is part of Connells, also says that buy-to-let mortgage applications are at a two-year high, with 20% more applications than a year ago – the number growing on average 11% per month over the last three months.
Sequence puts national average rents at £705 per month across the UK and at £1,374 in London.
Stephen Nation, head of lettings at Sequence, said: “The rental market is continuing to go from strength to strength.
“Fuelled by the robust supply of mortgage finance and a growing number of investors, who are buoyed by increasing demand, strong yields and long-term asset growth, this market is continuing to flourish.”
He said new properties coming on to the rental market are being snapped up “within days”.
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