Demand for property rentals in the UK has grown rapidly and is not showing signs of moderating any time soon, according to the latest RICS residential lettings survey.
The study revealed that interest from would-be-renters jumped to a net balance of 15 percent from the period of August to October, the highest since January.
These findings come amid market fears over the lack of agent regulation in the UK’s rental segment. A separate RICS survey found that nearly 90 percent of tenants favour compulsory regulation for letting agents so as to protect consumers.
Meanwhile, more landlords placed their properties on the market during the last quarter, with a net balance of 14 percent more chartered surveyors reporting an increase in new instructions.
In terms of prices, 12 percent more respondents said rental values have increased. Moving forward, rental costs across the country will likely move up, with a net balance of 16 percent expecting increases in the months to come.
Peter Bolton King, Global Residential Director at RICS, said: “The lettings market continued to flourish last quarter with more and more people looking to rent and an increasing number of properties being put onto the market. With issues such as a lack of affordable mortgage finance preventing many from buying a home, this trend looks set to continue for the foreseeable future.”
He also stressed the need to regulate rental agents to protect consumers. “We’d recommend that anybody looking to rent a home uses a regulated member of a professional body in order to protect themselves.”
Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg
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