Tenant demand 'on the up'

by Christopher Evans

Four in ten landlords claimed to have experienced rising demand for their rental properties in the third quarter of 2010, according to new figures.

Paragon has reported that landlords are feeling more confident about expanding their existing property portfolios – though 63 per cent say buy-to-let restrictions are tougher.

However, some 42 per cent have predicted that tenant demand will continue to grow, suggesting it could be a good time to venture into the market.

In the second quarter, just over a third (35 per cent) predicted increased demand in the future.

Nigel Terrington, Paragon Group's chief executive, believes that third quarter demand is down to the start of the academic year and an influx of new graduates onto the job market.

The rise in demand was also noted in separate research from LSL Property Services, which reported that the average UK rent went up for the eight month in a row in September.

In total, there has been a year-on-year rise of 3.1 per cent, bringing the average UK rent to £689 last month.

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Published on: October 20, 2010

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