Therefore, there will be considerable interest in the letting industry regarding the news that the average time taken to let property has fallen. Figures looking at the first seven months of 2019 indicate the average time taken to let property is 20 days. This is a record low, and while some landlords will view this as positive news, the factors that have influenced this outcome may not be as welcome.

The basic economic rules of supply and demand are integral to the property and rental market. No matter the array of external factors and pressures, when supply or demand outstrip each other, the impact on the market is noticeable.

Demand for rental property is high

Right now, there is an incredible level of demand for rental property. A sizeable number of people and households find themselves priced out of the property market. These people want to buy homes, but find themselves unable to achieve this aim because of the costs associated with buying a home.

There is also a growing number of people and households with no desire to own property. Renting provides more freedom and flexibility, which is something a lot of people crave. There are people in this group who could afford to buy property, but who decide against doing so.

Also, the political uncertainty has persuaded some people that it is better to rent than buy right now. We are still no clearer to having clarity regarding Brexit, and you cannot blame people for holding off from making a major decision.

Some landlords find themselves under considerable pressure

All these elements combine to create a sizeable level of demand for rental property. On the other side of the market, there is anecdotal evidence which suggests some landlords are exiting the market. Landlords find themselves under increasing pressure of late, with a raft of new regulations to follow. It is understandable that some landlords decide it is best for them to leave the industry.

These aspects create the outcome where demand significantly outstrips supply in the UK rental market. When rental properties become available, there is a prominent level of interest, and landlords can find tenants quickly.

However, it is vital landlords continue to vet tenants, and carry out proper checks. The increased level of demand means there are more tenants to choose from, but finding a suitable tenant makes being a landlord so much easier. It is tempting to take an early offer and minimise void periods, but in the long-term, landlords should look to achieve the most attractive outcome.

If you need helping managing rental property in and around Slough, contact Addison Giles, and we’ll be happy to help. We can also provide you with a valuation for your property, so contact us to book an assessment.