The amount of time it takes to rent a property has fallen to its lowest level on record, new figures have revealed.
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It’s welcome news for landlords as it suggests the duration of void periods they have to cover – that’s periods of time without tenants paying rent – has reduced.
The figures released by estate agents Hamptons International suggest that it took 20 days on average to rent a home in Britain during the first seven months of this year.
This was the time between a landlord instructing a lettings agent to advertise a property and an offer of rent being accepted.
Coming in at three days quicker than the same seven-month period a year earlier, this is the shortest time span since Hamptons’s records began in 2014.
Where are properties letting fastest?
Every region saw a drop in the time it took to rent a property, with London reporting the biggest year-on-year decrease.
It took 19 days on average to let a home in the capital during the first seven months of the year – six days quicker than a year earlier. Hamptons said the drop was due to a lower supply and higher demand for rental homes.
The South West and East Midlands were the quickest regions to let a home, each taking 18 days on average, while the North East was the slowest.
During the first seven months of the year, it took 24 days on average to let a home in the North East, four days faster than the first seven months of last year.
Which types of property are most popular?
One-bedroom properties let the fastest between 2014 and 2018, according to the research.
By contrast, increased demand for larger homes means that three-bedroom properties are letting fastest this year, taking 19.3 days on average.
Meanwhile, the cost of renting a one-bedroom property has outpaced the cost of renting a three-bedroom home this year, with rents rising 2.8 per cent on one-bedroom homes compared to 1.3 per cent on three-bedroom homes.
Hamptons said this has caused more tenants to split the cost of sharing a larger home, rather than renting individually.
It added that a slowing sales market means more families are renting while waiting to buy, and adding to the demand for three-bedroom homes.
What’s the best local area for renting quickly?
On a more local level, the local authority where it took the least time to rent a home in Britain was Hillingdon in Greater London.
In the first seven months of 2019, it typically took 9.5 days to rent a home in Hillingdon – this is half the average time it took for the country as a whole.
Aneisha Beveridge, Head of Research at Hamptons International, said: “Lower stock levels combined with increasing demand from new applicants has meant that properties have let quicker than ever before.”
How long did it take you to rent out your property last time? Where in the UK is it located? Let us know in the comments below.