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Rents set to rise, says Rics
16/03/10
Edited by Sophie Griffiths. Rents for residential property could be set to rise after the supply of homes becoming available to let fell for the second consecutive quarter between November and January.
This is according to the Royal Institution of Chartered Surveyors (Rics), which found that a balance of 23 per cent of its members had seen landlord instructions fall over the three-month period, up from 18 per cent between August and October.
At the end of January, the balance of surveyors reporting rising rather than falling rents hit zero after five quarters of negative readings.
A net balance of 33 per cent of Rics members said that they expect rents to increase over the coming quarter.
This is because demand for rental property continues to increase, with a balance of 16 per cent of surveyors reporting a rise between November and January.
"Would-be first-time buyers, unable to get a foot on the property ladder, are still a major source of increasing demand for good rental properties," Rics noted.
Jon Brown of iammoving.com recently said that 2010 will be the "year of the landlord" because many people are putting buying a home on the backburner until financial conditions improve.
