Rents rising as demand increases
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.”