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City and County: Property rental market bucking the trend
In City and County's busy Cowgate office in central Peterborough, Vito Fierro is probably one of the few workers whose job isn't currently giving him a real headache.

Vito is a senior lettings manager at the estate agent's, and while most of the industry is suffering, the rentals market appears to be going from strength to strength.

The number of properties City and County is renting out has increased by 50 per cent since March, when the rentals market really began to improve.

Both the number of customers wanting to rent and the number of properties available have increased, as people who wanted to sell, but can't, consider renting out their homes.

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Currently, there are about 100 properties available to rent through Vito's firm, when normally it would expect to have about 60.

The properties available cover the complete spectrum, from rooms at £375 a month including bills, to £1,200 a month for a five- bedroomed house in Sugar Way.

Vito said the average prices at the lower end of the spectrum were about the £440 to £500 mark.

The changing fortunes of the housing market have led to a new type of client for the rental business.

"We're still getting a lot of the migrant workers who want to rent and would always have wanted to rent, but also a lot of young couples coming in who would probably want to buy but now can't get the mortgage," Vito said.

Problems with mortgages are the key to this current situation, Vito believes, rather than any kind of fear about the current market conditions.

"People aren't frightened to buy – there are buyers out there. They just can't get mortgages," he said.

So, is there an air of disappointment when customers end up renting when they had hoped to buy?

Vito said: "I think you get mixed reactions, to be fair, because we're still getting our usual business that would be renting anyway."

If you've got a house to rent and are now thinking you'll be able to get a fantastic monthly fee for it, however, Vito has a word of warning – you need to keep your property competitively priced.

He said: "I think initially the thought was 'the rental market is buoyant, let's put the prices up'. But still, at the same time, we've got to remember that, because there's more availability there's more competition. people are looking around."

Those who are looking to rent are taking their time.

Before this boom in the rentals market, Vito would often see customers snapping a property up soon after seeing it, as there were a limited number available.

Now this number has grown, potential renters are taking their time and in some cases, are taking up to a week to get back to Vito and his colleagues.

With the housing market not looking set to radically improve for some time, Vito can see his sector of the business continuing to do well.

"For as long as the sales market stays as it is, this will get better," he said. "It will only increase in buoyancy. we'll get more and more clients and more and more properties."

So what about Vito's colleagues, who share an office, but perhaps not his good fortune?

"They're working their socks off, trying to get the sales. They do say to me there are people out there wanting to buy, but the problem is getting it through with the mortgage," he said.

"We still keep an eye on it and they help us out because they're our supply line.

"If they can't sell they can pass it on to us. The company gets two shots at it."

For more information on rentals, call City and County on 01733 561161.