Demand for rented accommodation 'through the roof'
News Category: Industry News
Published: 27-Jan-2009
This article was brought to you by Rentman the premium property management system.
More letting agents could be bucking the credit crunch as new research shows that demand for rental accommodation increased by 49 per cent last year.
According to figures published by letting agent Your Move, demand in December was 63 per cent up on the same month in 2007.
Restricted access to mortgage finance has led to a boost to those investing in the residential lettings market, suggested David Newnes, managing director at the firm.
"The credit crunch has scuppered first-time buyers' chances of getting onto the property ladder. But the silver lining in this mess, is that landlords are seeing demand go through the roof," he said.
December saw a 14 per cent monthly slowdown in the number of people signing up to new leases, but Your Move said this was in a common trend during the Christmas period.
It comes after figures released by the Council of Mortgage Lenders showed that gross mortgage lending in December, at £12.6 billion, was the lowest monthly total since April 2001.
Find out more about letting agency software.
