Friday, August 27, 2010
Fewer buyers, more renters
Increased tenant demand and a shortage of properties pushed rents higher in the April to June quarter, according to the Royal Institution of Chartered Surveyors (Rics). Continued difficulty in securing mortgage finance, worries over a double dip in housing and large deposits required by lenders led to higher numbers renting rather than buying, according to Rics' quarterly residential lettings survey. For the second consecutive quarter, lettings demand rose at a pace above the long-run average. Some 26% more chartered surveyors reported a rise in demand for property rather than a fall. Although tenant demand increased across all regions, it was strongest in London and the East of England.