Across Britain, 17% of rental homes entering the market are being snapped up within two weeks of listing, according to research by Ocasa.

The rental platform’s analysis revealed the East of England is the fastest moving regional market, with 24% of rental homes grabbed by tenants within a fortnight of becoming available. In London, 20% of rental homes are taken within two weeks, with the South West just behind with 19%. The South East (17%), North East (16%) and Scotland (16%) are also fast-moving markets.

Meanwhile, market speed in the likes of Yorkshire & Humber (10%), Wales (10%) and the East Midlands (12%) registers below the national average of 17%.

Jack Godby, sales and marketing director at Ocasa, commented: “Tenants are facing a very tough time at present, as not only is the cost of living crisis stretching their finances, but high demand for rental properties is also pushing the cost of renting ever higher. As such, tenants with tight incomes are losing out to those whose pockets are deeper but still not deep enough to entertain the idea of buying in today’s frantic sales market.”

On a city level, the fastest-moving rental market is found in Bradford, West Yorkshire, where 30% of properties are snapped up within two weeks of listing. In Glasgow, the number drops to 26%, with London registering 20% and Bristol 17%. In comparison, Leeds (7%), Liverpool (7%), Leicester (8%) and Cardiff (9%) are all slower-moving markets.

Godby said the overall speed of the market didn’t bode well for renters on low incomes. “A cost of living crisis, inflation rises, and recently announced tax increases mean real income is set to shrink,” he commented. “It used to be that home ownership was the driving aspiration that we looked towards. Today, however, we’re getting dangerously close to a point where, for many people, simply renting a good home is a very tough task in itself.”