The latest figures from Countrywide’s network of 1,300 estate agency and lettings branches shows that the overall volume of new tenant applications in 2010 increased by 37% compared to 2009 with demand peaking between July and September.
In contrast the average number of properties available to let fell -29% in 2010 compared to the previous year.
Figures from Countrywide’s mortgage division, with around 650 mortgage consultants, also show that the biggest growth area of lending growth in 2010 was applications for buy-to-let mortgages, with applications jumping 22% during 2010.
The growth seen in remortgage applications over the last three months dipped by 2% in December compared to the previous month. Remortgage applications made up 27% of all mortgage applications in December 2010, a 9% increase on December 2009.
The average interest rate of the Top 10 Mortgages applied for by Countrywide customers was 4.35%, up 0.5% from November 2010 – an increase of 0.06% on December 2009.
Fixed rate mortgages made up 75% of all mortgage applications in December, a 1% fall compared to the previous month. In comparison, 53% of all mortgage applications in December 2009 were for fixed rate mortgages, resulting in a 22% increase between December 2010 and December 2009.
Grenville Turner, chief executive of Countrywide, said: “The continued challenges faced by homebuyers to gain mortgage finance is likely to see more people turning to the private rental sector this year. Despite the increase in buy-to-let lending
