RENTAL homes are flying off the market in Furness following a post-Covid boom, an agency has reported.

PC Lettings, which lets out homes in Barrow, Dalton and Ulverston, is 'exceptionally busy' having seen hundreds of new tenants move into homes over the past year.

Some homes are being let out without being formally advertised as the market continues to boom following lockdown.

The agency said new tenants had moved into 246 homes in the last 12 months.

A spokesman for the company said: "It has become almost difficult to deal with the volume of enquires and the whole process of enquiry has been amended.

"In many instances we are letting houses without even marketing and holding some houses back from the market in order to fulfil demand for clients such as the Royal Navy and those from the United States."

The agency said rents are on the rise as the country grapples with the cost of living crisis and increasing inflation.

"The reality is with interest rates and general inflationary pressure within an already busy market, rents are likely to continue to rise for the foreseeable future," the letting agency said.

Estate agents Poole Townsend, which sells homes across south Cumbria, has reported that the buying market is now calming down.

An update on the company's website said: "As Covid fades into the past and the consequences of the economic fallout and war begin to surface we find a rise in the cost of living having a significant effect on many people’s lifestyles and decisions.

"With inflation now predicted to peak at 11 per cent come the next energy price cap rise in October, and the continual increase in fuel costs and basic necessities, it is hardly surprising that the furore within the market looks to be settling down.

"That said however, it doesn’t mean that we are on the brink of disaster.

"There are still more buyers than sellers, stock levels are still low and new properties are still getting great response levels on initial marketing.

"It seems like we are returning to a traditional sales market.

"What has been weighted towards the buyer looks to be levelling out by the end of the year."

It said 'the sharp rise in property prices will most likely plateau."