Houses in Strong Demand
Due to an oversupply of flats tenants demand has now slowed for flats but there is an increase in the demand for family houses, according to the Royal Institution of Chartered Surveyors.
The growth of rental properties was still strong with first time buyers still unable or unwilling to purchase and with credit crunch problems the house market was slowing.
20% of Chartered Surveyors report that they have had a rise in tenant lettings. Just over a quarter said they had had a rise in the demand for houses whereas 16.9% said they had had a rise in the demand for flats.
New landlord instructions had fallen by 8% from the previous quarter. They had also seen more landlords selling properties when their leases expired. This was up around 0.4% and is at the highest since January 2005.
Landlords are now beginning to make gains from recent rent rises.
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