RICS - Rental Demand Hits Two Year High
Demand for rental property is at its strongest for two years, keeping rents steady across most of Great Britain, says RICS in its survey of the residential lettings market.
High demand for rental property, caused by priced out first time buyers and others selling-up and renting whilst the market is still strong, is shoring up the rented sector.
Over the last three months, a net 1% of surveyors reported a drop in rents, compared with 9% the previous quarter. Rents rose in most regions across the country, with the exception of London and the south east. The most notable increases were reported in the north. However, the highest rents were still to be found in London where the average rent per calendar month was £1,619, compared with an average of £714 across Great Britain.
RICS residential lettings spokesman, Jeremy Leaf, said: "Strong demand for rented homes has helped rents hold steady."
Overall, RICS members reported a modest rise in the number of properties being put on the market for rent, although instructions rose by less than a year ago when the buy-to-let boom was at its peak.
Surveyors also remain positive in their forecast for rents over the coming quarter, with modest rises expected in most regions.