Rents rose further in the three months to April, as fresh tenant demand continued to exceed new instructions, says the Royal Institution of Chartered Surveyors.
Houses are in greater demand than flats, says the latest RICS survey, while supply of rental property has continued to grow – but at a slowing pace.
The RICS says rental values in the UK have now grown consistently since 2009 as unaffordable mortgage finance and large deposits required by lenders remain a barrier to home ownership.
Looking ahead, surveyors remain positive that the market will remain buoyant over the next three months.
Peter Bolton King, RICS global residential director, said: “The rental market is still fairly buoyant and this looks likely to continue, given the challenges facing the sales market. Indeed, mortgage finance may become even harder to access, particularly for first-time buyers if the euro crisis continues to deepen.
“This points to tenant demand continuing to outpace supply. As a result, rents will remain on an upward trajectory, adding to the pressure on many households whose incomes are already being squeezed.”
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Comments
This is a comment on such general terms that it is
not at all informative. Where is the rental market seeing increased rents? Oh! I see it's LONDON you are talking about, which is just about the geographical limit of any RICS research.
PBK when CEO of NFOPP said the best thing was to ignore such "surveys". Funny that!