Competition between tenants continues to intensify as the amount of time rental property listings are up for has dramatically reduced, according to new analysis.

Savills compared listings of properties to rent on Zoopla in 2019 with the 12 months to March this year and found the average listing time for a two-bedroom flat in Britain fell from 35 days in 2019 to 25 days.

In 2019 the average number of days to let a two-bed and three-bed house in Scotland was 26 and 29 days respectively, which fell to 15 days and 18 days. Competition is also more intense in other regions including the North West, where a two-bed flat was listed for 37 days in 2019 but has since halved to 18 days.

The same trend has been seen with larger properties, as three-bedroom houses were listed for an average of 39 days in 2019 but this has dropped to 32 days.

Faster

Rental growth has been strongest in markets where the time to let a property has become much faster, says Savills and the situation is unlikely to change anytime soon, explains Richard Valentine-Selsey, director of residential research.

He tells the BBC: “There is not enough supply coming on to the market, and we need more investment in the sector to bring more homes available to rent.”

However, the number of properties available to rent may fall even further, according to a National Residential Landlords Association survey which revealed that 31% of members planned to cut the number of properties they rent out, compared with 9% who planned to increase their offer.

“Landlords selling up is the single biggest challenge renters face,” says chief executive Ben Beadle. “The only answer is to ensure responsible landlords have the confidence to stay in the market and sustain tenancies.”