Landlord rent to increase, says letting agent
News Category: Industry News
Published: 11-May-2009
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A UK-based letting agent has suggested that landlord rent is set to increase in the near future.
Jane Ingram, head of lettings at Savills, said that this will be particularly pertinent at the lower end of the market.
"The cheaper stock is holding firm and in some cases we have seen people offering above asking price, but that is very much at the lower end," the lettings expert explained.
This follows the publication of Rentright's latest Residential Rental Price Index, which showed that landlord rent levels have fallen over the last 12 months.
Whereas average monthly rent stood at £683 in May 2008, it was said to be £585 one year on. May 2009's level was £85 down month-on-month too.
Ms Ingram also noted that landlords who have properties for sale and to let are currently choosing to sell ahead of rent out their homes in the current economic climate.
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