Lettings sector 'an area of rapid growth'

News Category: Marketing

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More letting agents are active in the property market despite the impact of the economic downturn, a property website has suggested.

According to data published by Rightmove, the combined number of estate agents and letting agents on its books increased by 2,200 in 2008.

The company, whose profits increased by 33 per cent last year, also revealed that lettings was an area of "particularly rapid growth" and that agents were paying more for its services.

"Setting aside the substantial contraction in the overall base of agents in the market, the gains in agents far outweighed the loss of agents who remain in business," the report stated.

It comes after the economic downturn has prompted new entrants into the private rented sector from both frustrated sellers and would-be homebuyers unable to secure mortgage finance.

Figures published by letting agent Your Move last month showed that rental demand was up 56.4 per cent year-on-year.

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