Lettings agents told of 'chronic shortage of rental housing stock'
News Category: Industry News
Published: 02-Oct-2009
This article was brought to you by Rentman the premium property management system.
Lettings agents and landlords are set to benefit as the housing supply backlog in the UK approaches one million over the course of 2010, according to the Town and Country Planning Association.
Its report says that, even excluding the backlog, the supply-demand shortfall for 2009 is 150,000 homes, while 250,000 new homes will be needed each year just to match annual population growth.
According to one expert, the problem is becoming particularly acute in major towns and cities.
Jamie Davis, chief executive officer of Upad, a London rental website, said: "In key conurbations where you can find the vast majority of tenants there has been a growing chronic shortage of rental stock."
He said economic factors have combined with social factors, such as a growing student population and people marrying later, to mean that more rental accommodation is urgently needed in the country.
According to a September survey from FindaProperty, rents are £10 a month higher on average than they were in April 2009, while the average rental property now stays on the market for 59 days, the shortest period recorded this year.
This article was brought to you by Rentman the premium rent management software.
