Rental market taking up the housing market 'slack'
Published: 26-Jun-2008
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The rental market is "picking up the slack" in the housing market, according to Your Move.
Research by the estate agent reveals that tenant demand has increased month-on-month in the second quarter of this year.
Year-on-year, demand for residential lettings rose by 41 per cent in May.
David Newness, managing director of Your Move, claims that many would-be homebuyers are turning to the rented sector while finances are tight.
He said: "Mortgage finance is hard to come by these days - the rental market is definitely picking up the slack.
"We've seen a considerable number of would-be buyers put house purchase on hold because of the squeeze on their finances."
The research also indicated that there has been an increase in buy-to-let investors in the market, with the number of leases commencing in 2008 rising by 34 per cent compared to last year.
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