Rents ris­ing as de­mand in­creases

Yorkshire Post - Property - - PROPERTY -

THE fall­ing sup­ply of new prop­erty to the rental mar­ket, cou­pled with in­creased de­mand led to a rise in rents in the three months to the end of Oc­to­ber, ac­cord­ing to the lat­est RICS Res­i­den­tial Let­tings Sur­vey.

More than a third more sur­vey­ors re­ported see­ing an in­crease in rents over the three month pe­riod,

RICS spokesper­son Jeremy Leaf says: “The let­tings sec­tor has be­come in­creas­ingly strong over the past nine months, in con­trast to the hous­ing mar­ket which con­tin­ues to slow. Many have turned to the rental mar­ket be­cause they fear fur­ther price re­duc­tions in the hous­ing mar­ket, or be­cause they can­not ob­tain the nec­es­sary fi­nance to buy. As a re­sult, rents con­tinue to rise.”

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