Letting agents see demand for property grow

News Category: Industry News

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Letting agents in the UK have witnessed an increase in the demand for rental property, according to the latest figures.

Estate agent Knight Frank claims that the number of people seeking a place to let has grown by 20 per cent over the past 12 months - a figure that has been "more than offset" by a 67 per cent increase in supply.

Property rental software could be equipment increasingly required if interest in rental property continues to follow the current pattern.

However, as the lettings market grows, rent prices appear to be following a downward trend.

Liam Bailey, head of residential research at Knight Frank, said rents in prime central London have dropped dramatically, but things are set to change in the coming months.

"We expect rents to stabilise over the next quarter, in many areas the recent declines mean that rents are beginning to offer good value," he explained. "The excess of supply over demand should moderate as the year progresses."

Knight Frank's findings follow suggestions from Gumtree.com that there have been more landlords advertising on its website this year than at the end of 2008.

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