Rental demand is at an all-time high. Due to this, rents have hit an all-time high. The highest rental demand remains in London, followed by the other major UK cities - namely Manchester, Birmingham, Liverpool and Nottingham.
As interest rates have risen, would-be buyers have put plans on hold in hope that mortgage rates will drop in the latter part of the year. Currently, the bank of England rate sits at 4% with the latest increase coming in February 2023. Economists expect the BOE interest rate to be reaching its peak as inflation reached 11% in the last quarter of 2022.
The current state of the market sees that there is a current shortage of rental properties across the UK. Renters are now likely to find competition for suitable properties with demand so high.
RentPayRegister is bringing a new solution to the market to allow landlords to quickly assess tenants in order to make decisions faster. Currently, tenants need to undergo referencing checks multiple times before being accepted by an Agent or Landlord. With a rental report in place, landlords and agents have the ability to immediately assess candidates solely from their report. If you have ever had the experience of applying for a loan or a credit card, it is possible to determine approval immediately or even be pre-approved. Our rental reports remove friction from the market to allow tenants to move between rental properties in a much shorter time.
On the other hand, RentPayRegister is also useful for tenants as we maintain reports on landlords. A tenant can quickly review how the landlord has maintained their overtime and their interaction with all previous tenants. This allows tenants to make an active choice and not enter blindly into a property in which the landlord may not make repairs in a reasonable time.
RentPayRegister is free to use if you just want to build up a score that Landlords or agents can use to aid you in finding your next rental place. We offer the ability to build your score from past history by having your landlord confirm past rental payments. This is vital for those who have been in a rental property for a long time. Our platform can also log your rental payments with credit agencies to enable you to also build up your credit score.
Get in contact with us to find out more.