Gloucester was the fastest moving rental market last month where the average property was let within 14 days of being advertised.

New research from OnTheMarket reveals other rental hotspots included Crawley and Mansfield (15 days) along with Cambridge and Aldershot (16 days).

The portal’s first Transaction Speed Index also highlights the country’s slowest paced rental markets, such as Middlesborough and Gloucester where tenants are taking twice as long to make a decision and properties are renting on average within 29 days. In Burnley and Blackburn, it was 28 days, while in Wigan and Leicester it was 27 days.

Fastest

Bexley is not only the fastest London borough in which to sell a property, but also where prospective tenants need to move fastest to find somewhere to rent, as it takes an average of 16 days, the shortest time across the city. Meanwhile, homes in Kensington & Chelsea took twice as long to rent – 32 days – with City of Westminster taking a slightly shorter 28 days.

OnTheMarket president Jason Tebb (pictured) says: “The rental market remains highly competitive with some unlucky tenants finding they have very little time to make a decision, particularly if they want to secure a good property at a reasonable price.

"As with buyers and sellers, it pays to be organised, getting paperwork together in advance, making sure you have the funds for your deposit, and ensuring you can move quickly if you have to.”

The portal also found that the seaside resort of Blackpool proved to be the slowest property sales market last month, with vendors taking on average of 62 days, or just over two months, to sell, almost twice as long as in Plymouth.

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