Time to let a home falls to record low of 20 days
Search for a property

 Between January and July 2019, it took 20 days on average to let a home in Great Britain, three days quicker than in the first seven months of 2018 and the quickest time on record (chart 1, table 1).
 London saw the biggest year-on-year fall in the average time to let (table 1).
 During the last three years one-beds were the quickest properties to let. However, so far this year three-beds let the fastest (19.3 days compared to 19.5 days for one bed) (table 3).
 Average rents on newly let properties in Great Britain rose 1.9% in July to reach £982 pcm (table 4).

Hamptons International’s Monthly Letting Index published today, shows that over the first seven months of this year, the average time it took to let a property (days between instruction and offer accepted) fell to 20 days in Great Britain. This was three days quicker than in the first seven months of 2018 and the shortest time span since our records began in January 2014 (chart 1, table 1).

Every region recorded a fall in the time it took to let a property, with London reporting the biggest year-on-year decrease. It took 19 days on average to let a home in the capital during the first seven months of the year, six days quicker than during the same period in 2018. Falling stock levels (-5.0% year to date) combined with increasing applicant demand (5.6%) have caused the fall.

The South West and East Midlands were the quickest regions to let a home, each took 18 days on average (table 1). While the North East was the slowest. During the first seven months of the year it took 24 days on average to let a home in the North East, although this was four days faster than the first seven months of 2018.

Between 2014 and 2018, one-bed properties let the fastest. However, this year, increased demand for larger homes has meant that three-bed properties let fastest, taking 19.3 days on average (table 3).

The cost of renting a one-bedroom property has outpaced the cost of renting a three-bedroom home this year, with rents rising 2.8% on one-bedroom homes compared to 1.3% on three-bedroom homes. This has caused more tenants to split the cost of sharing a larger home, rather than renting individually. Meanwhile a slowing sales market has meant more families are renting (while waiting to buy) and adding to the demand for three-bedroom homes.

Hillingdon was the local authority where it took the least time to let a home in Great Britain. In the first seven months of 2019 it took 9.5 days on average to let a home in Hillingdon, half the average time it took in Great Britain overall. Six out of the top 15 areas where it was quickest to let a home were in London (table 3).

Rental Growth

Average rents on newly let properties in Great Britain increased 1.9% in July to reach £982 pcm. Scotland recorded the strongest rental growth (5.2%), followed by the South West (4.7%) and South East (4.0%). Meanwhile average rents in London rose 1.9% year-on-year to reach £1,714 pcm, 74% more than the Great Britain average. The Midlands was the only region to record rent falls, with average rents decreasing 2.7% year-on-year.

Commenting Aneisha Beveridge, Head of Research at Hamptons International, 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.

“Average rents rose 1.9% in Great Britain in July. Scotland posted the strongest rental growth, followed by the South West and South East. The Midlands was the only area where rents fell year-on-year.”

For further information, please contact:

Alison Blease

Head of Research PR, Hamptons International

Tel: +44 (0) 776 96 77 825

Email: bleasea@hamptons-int.com

Chart 1 – Average time to let in Great Britain for the first seven months of each year (days between instruction and offer accepted)

Source: Hamptons International

Table 1 – Time to let by Region (first 7 months of each year) Region 2014 2015 2016 2017

 

Source: Hamptons International

Table 2 – Top 15 areas where it is quickest to let a home

Source: Hamptons International

Table 3 – Average time to let by number of bedrooms

Source: Hamptons International

Table 4 - New lets (pcm)

Source: Hamptons International

We use cookies on our website which are strictly necessary to ensure optimal site performance, functionality and for analytics. You can manage your cookie preferences via your browser settings. To learn more about the different types of cookies and how we use these, please see our Cookies Policy.
x