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Property shortage pushes rents up

27th August 2010 | back to article listings BACK    print this article PRINT

Rental rates were pushed higher by a shortage of properties available to let in the second quarter of 2010, according to research.

Concerns over falling house prices and ongoing problems in the mortgage market led to rising numbers of people looking to rent a home, the Royal Institution of Chartered Surveyors (RICS) said.

Landlords are continuing to encounter problems in securing a buy-to-let mortgage, despite investing in property being an attractive proposition due to interest rates being held at a record low.

This has led to the number of homes available to rent remaining low, with supply dropping for the fourth quarter in a row during the three months to the end of June.

Some 6% more surveyors reported seeing a fall in new instructions compared to those who had seen a rise, although this was down from 12% in the previous quarter.

But at the same time, a balance of 26% of surveyors reported a rise in demand from potential tenants - the second consecutive quarter during which demand has increased at a pace above the long-term average.

The group said tenant demand increased across all regions of the UK, but was strongest in London and the East.

Copyright © Press Association 2010

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