UK Money News
22nd May 2008
Rental market boosted by weakening buyer demand
Weakening demand for buying properties has fuelled a significant rise in the number of owners looking to rent out their properties, a new poll has shown.
In the latest quarterly survey of the rental market, the Royal Institution of Chartered Surveyors (Rics) reported that 29 per cent more of its members reported a rise in new landlord instructions to let property than a fall.
This compares with a fall of two per cent in the quarter to January.
Rics said that the trend has been fuelled by the lack of demand among home buyers, which is forcing sellers back into the rental market.
James Scott-Lee, a spokesperson for Rics, commented: "The sales market's loss is the lettings market’s gain. Some would-be sellers are retreating from selling and letting or re-letting their properties as they wait for mortgage lenders to offer buyers more favourable lending criteria."
Rics' survey also found that 28 per cent more surveyors reported a rise in new tenant lettings than a fall, compared to 17 per cent in the three months to January.
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