Letting agent: Rents forced up by lack of property

News Category: Industry News

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A letting agent has stated that rent prices for rental accommodation are being pushed up due to a lack of available property on the housing market.

London letting agent Ludlowthompson.com stated that there are a number of reasons why rents are rising, particularly in the capital.

Stephen Ludlow, director at the letting agent, said: "The rapid recovery of the London jobs market and a significant lack of private rental properties are combining to force up rents."

Mr Ludlow added that the job market has turned a corner, despite unemployment remaining high, and this means that fewer people are worried about being made redundant.

He explained that this means many tenants are content to pay a little bit more to a letting agent to rent a property, or are event looking for larger accommodation.

This comes after regional letting agent Jayman told the Sentinel that more and more landlords are choosing to rent their houses out to tenants through a letting agent, rather than handling the property management themselves.

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