The demand for rental properties in Leeds is so fierce that homes are being taken off the market within hours of being listed.
Leeds estate agent HOP said it is experiencing "the busiest start to a year that we’ve ever known", with houses in certain parts of the city being snapped up almost instantly. Some tenants are so keen to sign for their dream home that they sign a contract without even visiting the property in question.
"This is the highest demand I've ever seen," said Tom WIld, HOP branch manager at the estate agent's Pudsey office. "The phones are really busy."
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More people are making a decision based purely on a virtual tour of properties, added Tom. He said there are certain parts of Leeds which prove particularly popular with renters - particularly Horsforth.
"If we put a property on in Horsforth, the chances are the phones will start ringing start away," he said. "This is the busiest start to a year that we’ve ever known.
"Three-bedroom homes are currently extremely sought-after and are being snapped up within a matter of hours of listing them."
In recent years, demand has outstripped supply in the housing market. A recent survey by consumer watchdog Which? found three-quarters of people who have tried to move home in the last six months have been unable to do so.
The shortage of houses for sale has also pushed more people into renting, which has further squeezed the number of available properties for those who aren't on the housing ladder. It has led to more upmarket properties becoming available to rent, including "a large home in the Yorkshire Dales for £2,200 per month and a five-bedroom home in Cookridge for £1,600 per month".
"The shortage of stock of homes for sale is definitely having an impact on the rentals market," added Tom. "A fifth of tenants renting with us are doing so because they have sold their property and are waiting for the right home to come up for sale. This, in turn, is having a knock-on effect on the kinds of properties that are in demand."
However, not all people who are renting want to buy. In fact, just 20 per cent of HOP's customers are currently renting whilst they search for a home to buy, while 40 per cent are currently saving for a deposit.
A further 40 per cent are "serial renters" though and prefer the freedom of not being tied to a mortgage.
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