UK in midst of lettings boom
News Category: Industry News
Published: 19-Aug-2008
This article was brought to you by Rentman the premium rent management software
The UK’s lettings market is enjoying a boom as homeowners struggle to find buyers for their properties and opt to rent them out instead.
The latest Residential Lettings Survey from the Royal Institution of Chartered Surveyors (Rics) shows that agent instructions to let homes rose at the fastest rate in the history of the report during the last quarter.
Some 43 per cent more surveyors reported a rise than a fall in landlord instructions, compared to 30 percent in the previous quarter.
This was up from 35 per cent during the first quarter.
Meanwhile, an increase in new instructions to let house and flats was also detected, with 47 per cent and 39 per cent more chartered surveyors reporting a rise than a fall respectively.
James Scott-Lee, spokesman for Rics, said: "The lettings market is booming with many vendors opting to rent their property while sales in the housing market continue to dry up.
"Becoming a landlord is now an increasingly profitable option with rising rents and yields offering good returns."
Find out more about letting agency software
