Venmore: Lettings market booming
News Category: Industry News
Published: 07-Jul-2008
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The lettings market is booming in Cheshire, Lancashire and Merseyside, according to Venmore estate agents.
The company reports that during the second quarter its lettings business in these regions grew by 25 per cent.
Phil Furlong, a partner at the firm, attributed the trend to potential homebuyers being frozen out of the housing market and opting to rent instead, which is in turn prompting sellers into the rental sector.
He told the Liverpool Daily Post: "We have seen a significant increase in demand in the last quarter for lettings.
"And many landlords and home owners are now seeing the advantage of letting properties to cater to that huge demand to rent. With rental values going up, landlords are seeing this as a secure alternative market as the house selling market deals with the credit crunch."
Signs that the lettings market is growing were also provided by figures from the Royal Institute of Chartered Surveyors which reported that new instructions rose by two per cent during the first quarter of the year.
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