Letting agents to see demand and rents rise
News Category: Industry News
Published: 16-Mar-2010
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Letting agents could be set to see demand for properties increase as there are fewer houses becoming available to rent, according to new research.
The latest Rics Lettings Survey found that for the second successive quarter the supply of new properties to the market has fallen.
A net balance of 33 per cent of chartered surveyors who responded believe rents will rise over the coming quarter.
Rics spokesman Jeremy Leaf explained that the volatility of the housing market is beginning to affect letting agents.
With demand for rented accommodation set to grow, tenants will be competing with each other for fewer properties, which could mean letting agents could secure higher rents for landlords.
Mr Leaf stated that one of the reasons demand for rented accommodation is increasing is that first-time buyers cannot afford to purchase a home of their own.
The survey from Rics is the latest indication that the rental market could be recovering.
Research by the University of Leeds and local letting agents including Savills and Allsop found that a revival is beginning in the rental market in the city.
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