Rental demand pushes rent higher

Increasing demand for tenancy agreements in the three months to April and a lack of supply meant rental costs were on the rise, new figures have revealed.

The Residential Lettings Survey from the Royal Institution of Chartered Surveyors (Rics) found that 42 per cent more surveyors reported rent increases rather than falls during this period.

Furthermore, it discovered that people are entering into tenancy agreements for longer, which is leading to a restricted supply of properties.

Rics spokesperson James Scott-Lee commented: "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."

These findings follow research from LSL Property Services, which reveals that optimism in the buy-to-let market is on the rise, as 49 per cent of landlords believe now is a good time to invest.

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Published on: June 9, 2011

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