This is a legacy post from the findaproperty.com blog which is now maintained as an archive within the Zoopla blog. Links have been preserved.
Perhaps you’ve heard your friends talking about what a nightmare it is to find a property to rent, or maybe you have first-hand knowledge yourself. If your answer to these questions is ‘yes’ then I am guessing you live in one of Britain’s big cities such as London, Manchester, Bristol, Brighton and Liverpool, where there are extreme mismatches between supply and demand at the moment.
Latest figures I’ve seen from the Royal Institute of Chartered Surveyors, released earlier this month, show that demand for rented property is increasing at its fastest rate since the fourth quarter of 2008. Thirty-nine per cent of the Institute’s members also reported seeing an increase in rents over the three-month period to October. RICS makes the point, backed up elsewhere in the market, that many people are seeking to rent rather than buy as getting a mortgage becomes more and more difficult and deposits go through the roof.
Of course, if you’re a landlord, things are looking decidedly rosier. RICs reports a buoyant rental market within which properties are being let quickly. And new landlord instructions – a good indication of supply to the market – slipped further in the three months to October, marking five consecutive quarters of falling instructions. The institute’s members also report how difficulty in securing buy-to-let mortgages is holding back many would-be landlords, and a fresh supply of property entering the market.
Enough of the jargon. So what does it all mean. We can expect rents to remain high and go higher over the next three months. Thirty four per cent of RICS members expect rents to rise rather than fall, with the expectation that rents for houses will increase at a slightly faster rate than for flats.
Meanwhile, if you’ve been listening out to FindaProperty’s radio ads, the good news is they’re being extended for another couple of weeks.
You’ll hear it all over the country, from Galaxy Manchester through to Capital FM, or just listen to the FindaProperty Radio ad here whenever you like.
