Rent Going Up
Renting a property will go up, as rental properties coming onto the market has fallen for the first time since January 2008, according to the latest Royal Institute of Chartered Surveyors survey. It appears tenants no longer have as strong a bargaining power.
UK Rising Rental
Improvements in the housing market have led to a fall in the number of rental properties coming to the market. Therefore demand for houses to rent is stronger now than for a long time leading to an increase for rental property.
The housing market is having a more significant effect on the lettings market, with many of the accidental landlords returning to the sales market to take advantage of the recent price increases. As a result the recent oversupply is reversing, with new instructions at the lowest levels we have seen. This of course is impacting on prices and tenants no longer have as strong a bargaining power as they did.
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