Demad for city centre rental properties is at an all time high with the number of lets agreed up 20% on the same period last year.
In the 14 years we have been trading we have never had such a busy month. Our occupancy figures for the apartments we manage is also at an all time high of 99.5% which shows there is an unprecedented amount of demand out there from tenants for properties located in the city core.
Morgans manages the biggest portfolio of apartments in the city centre and therefore feel that our figures are an accurate representation of what is happening in Leeds at the moment and we believe the demand will continue at this pace as tenants struggle to cross over into property ownership.
Plus recent research commissioned by the National Housebuilding Federation from Oxford Economics which suggests that the proportion of home ownership in England, which has been falling steadily for the last 10 years, could decline further from its current rate of 67% to 63.8% over the next decade.
With a 21% rise in house prices predicted over the next five years and the need for larger deposits and stricter lending criteria set by banks, it means that many people who are renting but have an aspiration to buy will actually be unable to enter the property market which will in turn lead to even more demand for rental property. It is only when bank finance begins to ease that first time buyers will be able to re-enter the market in numbers, but this will happen.