The RICS said that 42 per cent more surveyors reported rents rose rather than fell in the three months to April. It added that rents in some areas have now risen so sharply that previously affordable homes are now unattainable to many, as an increasing number of renters are priced out of the market.
The organisation said that the strict lending criteria is forcing many people to rent rather than buy. As a result, surveyors report that many people have little choice but to rent. 35 per cent more respondents reported demand rose rather than fell – the highest level for over two years.
Despite an upturn in new instructions, supply to the market still remains unable to keep up with demand. Tenants are staying longer, resulting in less availability, while fewer landlords are selling their properties at the end of a tenancy. Just 2.8 per cent of landlords sold property in the three months to April (down from 4 per cent).
More doom from ze source: Tenants priced out of the housing market as rents rise - Telegraph
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AtW's comment:
The organisation said that the strict lending criteria is forcing many people to rent rather than buy. As a result, surveyors report that many people have little choice but to rent. 35 per cent more respondents reported demand rose rather than fell – the highest level for over two years.
Despite an upturn in new instructions, supply to the market still remains unable to keep up with demand. Tenants are staying longer, resulting in less availability, while fewer landlords are selling their properties at the end of a tenancy. Just 2.8 per cent of landlords sold property in the three months to April (down from 4 per cent).
More doom from ze source: Tenants priced out of the housing market as rents rise - Telegraph
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AtW's comment:
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