Just as a shortage of property for sale is starting to push up average prices across the country, a similar scenario is beginning to emerge in the rental market, where average rents have risen over the past few months.

“This is great news for landlords who are seeing the value of their property increase as well as enjoying rising rents,” said Mark Fitzgerald, of Connells in Maidstone.

“With demand starting to outstrip supply for family homes to rent, void periods are also becoming shorter.”

Last year there was a glut of rental properties on the market as thousands of people who were struggling to sell their homes decided to rent them out instead while waiting for the market to improve. This additional supply resulted in a decline in overall rental levels.

Now, however, with the market recovering and finance becoming more freely available as lending restrictions ease, many of these houses are being put up for sale and finding buyers.

“Rental levels are still lower than they were a year ago, which is good news for tenants.

“But as supply of good rental properties diminishes, landlords will be able to fill them more quickly and, inevitably, rents will start to go up again,” added Mark.

“There are still good deals to be had but tenants need to move quickly to snap up the best ones.”

To find out more about Connells lettings service contact 01622 677315.