Rents Increase With Housing Shortage

The RICS Residential Lettings survey today suggested that rental prices are rising as a lack of new housing on the market forces more people into rental property.

Demand for rented accommodation is rapidly increasing as people are unable to get their foot on to the housing market, a result of the high prices developing due to a lack of supply that is insufficient in meeting demands, as well as the current difficulties in the availability of suitable mortgages.

The last quarter saw an increase in demand for rental property by 35% on the previous quarter, a market high of the last two years. This increase in demand has signalled landlords to increase the prices they offer.

A further 42% of the surveyors questioned observed that rents increased in the months leading to April, with London and the South East seeing the greatest boom in prices.

A representative for RICS, James Scott-Lee, stated that "although we are beginning to see more mortgages aimed at first time buyers, many potential homeowners are still restricted from getting a foot on the property ladder, leading to increased demand in an already oversubscribed rental market.

"There has been a small uplift in supply but the imbalance between demand and availability can only mean rents will continue to rise."

<--- return to news section

Profit Now From The UK Lettings Boom!

Don't delay, call us now on 01722 414 300 or for further info please register here

Alternatively, get started today with our unique business start-up packages - available from only £279.95 (inc. VAT), a fraction of what you will make from your first let property alone!

To order and get started today please click here

Need a professional website for your new letting agency? For further info please click here

Referral Scheme Pack

Discover how to set up and operate a successful landlords referral scheme in your own agency.

To find out more about this great additional letting agency training product please click here

4 Everything Property.com

4EverythingProperty.com is the UK portal for property agency and property industry service providers.

To find out more or list your company today please click here