As demand continues to outstrip supply in the residential rental market, many potential tenants are in the midst of a bidding war throughout the country and this is no different in Sheffield, claims Belvoir Sheffield, the leading letting agents in Sheffield.
This year alone, according to the HomeLet Rental Index, rental values have gone up by 12 per cent across London, with a similar picture, although not quite as high, being echoed across South Yorkshire, with many lettings agencies reporting 30 per cent fewer properties to offer in June compared to the same time last year.
Rick Flay from Belvoir Sheffield, which specialises in providing flats to rent in Sheffield said: “There really is a bidding war on in Sheffield at present for high quality properties. Last week we had 23 different groups turn up for a three bed terraced house. We are also finding that multiple groups are turning ip for properties so most properties are being let out at the very first attempt.”
“It seems like tenants are also leaving it late to find properties. We had two girls turn up at a viewing unannounced with a suitcase full of stuff, and I expect that this picture is the same all over the country.”
First time buyers unable to get a foot on the property ladder are still a major source of increasing demand for good rental properties, with houses remaining more popular than flats, causing a supply/demand imbalance which is also helping to increase yields.
Rick, whose lettings agency helps those wanting to rent property in Sheffield, continued: “The number of people looking to rent has increased by 39 per-cent over the past 12 months, as the rental market expanded with would-be property buyers who weren’t able to buy because of lack of finance, or were reluctant to buy with the prospect of interest rate hikes.
Belvoir Lettings Agency Sheffield is the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs, Investment Property Insurances and Mortgages
