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Average Letting Times in Great Britain at Record Low

Buy-to-let homes across the country are finding and securing tenants as quickly as 18 days on average

Privately rented property prices up by 1.9% year-on-year in July

Rental properties take an average of just 20 days to be let in Great Britain, according to the latest monthly index published by Hamptons International.

The findings reveal that in the first seven months of the year the average time between an instruction and the offer being accepted was three days quicker than the same period in 2018.

However, 2019’s average time to let is also the quickest it has been since Hamptons International began their records in January 2014.

Letting times decreased across every region of the country, with London reporting the best overall improvement, with rental homes in the capital taking an average of 19 days to be let, compared to 25 days in the first seven months of 2018.

But the fastest regions of Great Britain for finding tenants were the South West and East Midlands, with properties there taking just 18 days on average to be let.

Whilst the North East had the longest letting time at 24 days, it saw a year-on-year improvement of 4 days.

In the 12 months to July, the average cost of renting for newly let properties in Great Britain increased by 1.9%.

Commenting on the index, Hamptons International’s Head of Research, Aneisha Beveridge, said:

“The average time to let a home fell to 20 days this year, three days quicker than in 2018. Lower stock levels combined with increasing demand from new applicants has meant that properties have let quicker than ever before.”

The number of new property listings across the UK fell by 3.3% between June and July, the latest supply index by Housesimple reveals.

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