The choice of mortgages has shrunk at the sharpest pace since the early stages of the coronavirus pandemic, analysis by Moneyfacts.co.uk. has found.
Their research discovered that mortgage borrowers have around 518 fewer products to choose from than they did in February. Mortgage rates are also on the increase with the average standard variable rate was 4.46% in February but now it stands at 4.61%.
But it’s not just prospective homeowners seeing the housing market tighten up across the UK as competition for rental properties is strong in many areas, and there are signs it has also been affecting prices.
In the year leading up to January 2022, UK rental prices accelerated at their fastest annual pace since 2017, according to the latest Office for National Statistics (ONS) figures.
So if you've found your perfect place to live, how can you make yourself stand out to the landlord or lettings agency?
Chris Hutchinson, CEO of rental platform Canopy, shares his top tip to help boost your chances of success.
1. Be prepared
Making an offer on a rental property often means filling out a written application, make sure you have all the necessary references and payslips in good order.
Chris advises: "Having all the paperwork and information prepared will show the landlord you are organised, and help build a strong first impression."
2. Present yourself well
Being punctual, polite and conscientious could go a long way when viewing a rental property.
Chris said: "You are trying to show the landlord you are dependable - and it also never hurts to offer to take your shoes off when you enter the property."
3. Ask good questions
Chris suggests: "Asking about bin collection, for example, will show you are thinking about keeping the property clean.”
4. Offer something extra
If competition is strong for a particular property, the landlord may find it difficult to distinguish between applicants.
Chris advises: "Offering to sign a longer lease may also help, but this can vary from landlord to landlord - it won't hurt to ask the question."
But he does recommend caution, in case this causes your landlord "to expect more in the future".
5. Be quick
The longer a property is left standing empty without tenants, the longer the landlord goes without receiving any rental income. If you are satisfied the property you have viewed is the one for you, Chris suggests acting on it as soon as possible.
He said: “Don't dawdle, ask to fill out a rental application.
"This will also help to limit the competition, as landlords generally won't want to have too many applications to filter through before choosing their new tenant."
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