A severe shortage of rental property will have “dire long-term consequences” for North Somerset’s economy unless urgent action is taken, according to a leading property agency.

The supply of long-term rented accommodation in the area is falling far short of demand, says Parker’s Estate Agents in Backwell.

And Parker’s director Andrew Simmonds says that this could act as a drag on economic development for years to come.

“Research has consistently shown that the supply of long-term rented accommodation in North Somerset is not meeting demand, which is among the highest of any local authority in the country,” says Andrew Simmonds.  

“There is also a continued pattern of tenants leaving cities such as Bristol as the trend towards home working continues, and this also impacts areas like North Somerset.

“Private rents have been growing faster than inflation and the Government must take immediate steps to address the downturn in investment across the private rented sector.

“For property owners becoming a landlord has never been more attractive as long as you team up with an organisation that can manage the properties for you. The current trend will have dire consequences for our local economy unless it is urgently addressed.

“North Somerset is a great place in which to live and work, but the mix of rental and owner-occupied property needs to be right to ensure it thrives.”

Andrew Simmonds says the extent of the problem is illustrated by the fact that viewings are so oversubscribed.

“Anecdotally we usually we have six or seven applications on day one of viewings and landlords generally find it very hard to differentiate between them. In fact, recently I have had two properties fetch over the asking price for monthly rent in order to be secured.”