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UK Rental Property Listing Time Falls as Tenants Race for Homes

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    Average Time on Market for Rental Homes Has Fallen by 10 Days Since 2019

    The period of time that available rental properties are listed before tenants snap them up has fallen significantly compared to 2019 levels.

    The ongoing supply-demand imbalance in the private rental sector has continued to pressure tenants as competition for quality homes heats up and rental prices soar.

    Analysis of Zoopla data by estate agency Savills has shown that high demand is causing renters to make quick decisions on applications. On average, properties are listed for 25 days on the market, ten days less than the pre-pandemic average.

    Further Reading: What is a buy-to-let property investment? Find out about this and other topics, such as stamp duty buy-to-let rules, with our detailed guides and insights.

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      North West Revealed to Have Shortest Listing Time in England

      By analysing Zoopla listings of two-bedroom rental homes, Savills found that the average listing time was 35 days in 2019, but it is now significantly less standing at a 25-day average in the last year.

      Larger properties have also seen listing times slashed. Three-bedroom houses were on the market for 39 days in 2019, but now they are listed for just 32 days on average. This figure has experienced an even more substantial fall in some regions.

      The data, compiled for the BBC, revealed that renters compete most in the North West compared to other English regions. The average listing period for a two-bedroom apartment is 18 days half of the average of 37 days in 2019.

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      What Effect is This Competition Having on the Rental Sector?

      So, is now a good time to invest in buy-to-let property?

      The supply-demand imbalance has been a defining factor of the UK rental market over the past few years and one of the biggest drivers of unprecedented rental price increases.

      Richard Valentine-Selsey, director of residential research at Savills, said: “There is not enough supply coming onto the market, and we need more investment in the sector to bring more homes available to rent.”

      According to Savills’ latest Housing Market Update, the average UK rent is up 6.9% annually, showing that the supply-demand imbalance continues to push rental costs upward. This figure is even more significant in other regions. In the North West, where competition is particularly fierce for available rental properties, there has been an increase of 8.5% year-on-year, contributing to some of the highest rental yields in the UK.

      Learn more about the UK property market with our buy-to-let area guides, which cover topics such as available investment property in Colchester and available investment property in Belfast.

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      Author

      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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