UK Money News
23rd April 2008
Increased demand for rental property
Demand for rental property has surged over the last three months, according to a letting agent.
Figures from Hamptons International show that demand from tenants has increased by 33 per cent in areas outside London over the quarter.
The increase is thought to have been driven by buyers' caution in the face of the credit crunch, with75 per cent of Hamptons' tenancies opting to renew after their initial term.
There has also been an increase in the number of new tenants seeking accommodation, the firm said.
Catherine Manning, regional lettings director at the firm, said: "Rental properties are achieving their asking price and, in some cases, we have seen properties go to 'best bids' in hot spot locations.
"For savvy investors looking to purchase buy-to-let property outside of London, it is worth noting that the strongest yields generally come from smaller units - such as one-bed and two-bed properties."
She added: "For those looking to acquire new assets, recent statistics demonstrate that the average initial income returns are higher than in recent years."
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