Increased Rental Demand and Rising Rents

Data from the Royal Institution of Chartered Surveyors (RICS) has shown that rents increased across all regions in July, particularly in London and the East of England.

This has been explained by an increase in tenant demand and a shortage of rental properties. With no sign of this trend slowing down, the outlook for rents suggests a continued rise with most surveyors expecting rents to increase over the next quarter.

In addition, landlords increased rents for the sixth month on the trot, raising them 0.5% in July, according to letting agent LSL Property Services (LSL). The average UK rent is now £676 a month, 2.3% higher than a year ago.

David Newnes of LSL stated "The recovery in prices 12 months ago caused an exodus of accidental landlords from the market, ending the glut of supply of rental accomodation. Athough house prices have levelled off, landlords are still reaping the benefits of the constrained supply. We don't expect rents to fall away any time soon".

Rory James MacLaren-Jackson of Property Agency Training welcomes this trend for the letting and managing agents that his company trains, commenting that "Strong demand and rising rents have created a solid, sustainable market for letting agency services, with the added bonus of increased commissions from higher rental figures."

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