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High demand pushes UK rental prices up

Date : (News Section: United Kingdom)

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High demand pushes UK rental prices up

An increase in tenant demand and a low level of new rental property coming onto the market means that now is a good time for buy-to-let investors in the UK, it has been claimed.

The factors have helped to push rents higher in the three months to April, the latest Residential Lettings Survey from the Royal Institution of Chartered Surveyors (Rics) revealed.

In total, 42 per cent more surveyors reported that rents rose rather than fell in the past three months. This is up from 40 per cent in the previous quarter's survey.

Rics spokesperson James Scott-Lee explained that the imbalance between supply and demand means that rents are only expected to rise further still.

"Although we are beginning to see more mortgages aimed at first-time buyers, many potential homeowners are still restricted from getting a foot on the property ladder, leading to increased demand in an already oversubscribed rental market," he added.

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Article by +Danny Bance on behalf of Propertyshowrooms.com

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