Tough house buying market sparks leap in tenant demand | Business
Would-be buyers shut out of the housing market are snapping up rental properties at the fastest pace for two years, the UK's biggest buy-to-let lender said today.
The soaring demand from tenants has driven down the average time a rental property is left empty to just 20 days in the first three months of 2011, the shortest period since the beginning of 2009, according to Paragon. The figure has steadily declined from a high of 25 days in the second quarter of 2010.
A drought in mortgage finance and the high level of deposits demanded by most lenders has sent tenant demand surging in the past two years, with higher numbers of single-person households and migrants also piling the pressure on the private rental sector.
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