Rents continue to rise, says RICS
Friday 25th May 2012
Rents rose further in the three months to April, as fresh tenant demand continued to exceed new instructions, says the Royal Institution of Chartered Surveyors.
Houses are in greater demand than flats, says the latest RICS survey, while supply of rental property has continued to grow – but at a slowing pace.
The RICS says rental values in the UK have now grown consistently since 2009 as unaffordable mortgage finance and large deposits required by lenders remain a barrier to home ownership.
Looking ahead, surveyors remain positive that the market will remain buoyant over the next three months.
Peter Bolton King, RICS global residential director, said: “The rental market is still fairly buoyant and this looks likely to continue, given the challenges facing the sales market. Indeed, mortgage finance may become even harder to access, particularly for first-time buyers if the euro crisis continues to deepen.
“This points to tenant demand continuing to outpace supply. As a result, rents will remain on an upward trajectory, adding to the pressure on many households whose incomes are already being squeezed.”
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