The number of properties that are coming on to the UK rental market is slowing and rental rates also slowed their descent in the second quarter of 2009. According to the RICS Residential Lettings Survey, growth in demand for rental property is still increasing, but it slowed in the second quarter, and rents continued to decline but at a slower pace than previously. The survey is published by the Royal Institute of Chartered Surveyors, or RICS.
While rents continue to decline, the slower pace is leading to increased expectations by renters in the residential market. In the second quarter, 12 percent more surveyors reported a rise in new tenant lettings than a fall. That compares to the first quarter when 16 percent saw more lettings. Additionally, 6 percent more surveyors reported a rise in new instructions from landlords in the quarter, compared with a 21 percent rise in the first three months. That means that while the available properties are not increasing as much, there are still more people looking to rent, helping to stabilize prices.
© Housing Market News by The House Shop
Our Top House Sale Searches