Letting agents 'to see demand for rented property increase'
News Category: Industry News
Published: 19-Jul-2010
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Letting agents and landlords could see rents rise over the coming months, as a drying up of available housing stock is being predicted.
According to landlord community LettingZone, more and more tenants will be looking for rental accommodation over the next five years.
Mark Garner, the site's managing director, stated that more people are deciding to rent from a landlord or a letting agent rather than buy because it is easier and more affordable.
"If mortgage lending was increased and it was easier for landlords to buy more property and let it out, then certainly landlords would buy more property," he said.
He added that many landlords are struggling to buy new properties to put on the rented market because they cannot find the 25 per cent deposit they need to secure a mortgage for the house.
He was speaking after Arla said available housing stock in the private rented sector has reached an all-time low, with 70 per cent of letting agent member offices reporting more tenants than properties.
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