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Rent levels tipped to rise

by Rachel Crook

The cost of renting is likely to rise soon, reversing recent falls, it has been predicted.

Head of lettings at property firm Savills Jane Ingram commented: "The number of all properties for rent has fallen, whether it is flats or houses and this lack of stock will lead to rent increases, particularly at the lower end of the market."

She stated that one factor in this development has been the beginnings of a recovery in transactions in the market, as this has meant many people who have been putting homes up for rent because they were unable to sell them are now trying to offload them again.

The recent trend has been for rental levels to drop due to the rising supply of rental property, with the FindaProperty.com Rental Index for April revealing a 0.4 per cent drop in price since March.

It noted that there were 1.5 per cent less homes available to rent in April than in March, but during the same period the supply of flats - which make up 64 per cent of rental properties - increased by 2.8 per cent.

• Landlord and Tenancy News from Lawpack: Solicitor-approved Rent Increase Notice (Section 13) with expert guidance on how to complete the legal form

Published on: May 8, 2009

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