UK rentals in high demand

The demand for rental accommodation across the UK property market went through the roof last year according to one of the UK's largest letting agents.

The last three months of 2010 saw increasing numbers of people looking to rent a property. Data collated by Countrywide revealed on average each property for rent had more than four potential tenants lined up. In the South West of the country demand was even higher and figures show 5.9 tenants per property.

During 2010 the company had a record number of prospective tenants sign up to rent residential accommodation, in excess of 200,000 an increase of almost 40 per cent on the previous year.

However demand far outstripped supply as the number of properties available to rent slipped by nearly 30 per cent over the twelve months.

The most sought after property during the final quarter was two bedroom houses which could suggest a high number of first time buyers unable to provide the deposit needed to acquire a mortgage.