Rental supply has fallen by 20% during the last quarter caused by the market going through a sharp balance correction of supply and demand, according to figures from a leading UK lettings chain. During the last 2 years there has been an oversupply of properties and dropping rents, but this picture is changing rapidly.
A survey was carried out by Countrywide Residential Lettings from more than 200 of its offices, and it found that in the three months leading up to October the number of new tenant enquiries increased by 11%, while the number of new rental properties dropped. The south east region had the highest proportion of enquiries for new tenants. As the property investment market improves, landlords will at present find it easier to fill properties in the current market.