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Rental demand up by 50% Posted on: Thursday, October 23, 2008
The number of people signing up for rented accommodation rose in September, with demand up 50% year on year, according to UK lettings agent Your Move. The number of leases commencing in September jumped 4.34% from August 2008 coinciding with mortgage advances being at an all time low, which indicates that would-be buyers are renting rather than buying property. Managing director of Your Move, David Newnes: “As banks stopper the bottle of mortgage finance, potential buyers have to stay in rented homes for longer than they have in the past. The lettings market is thriving – we are seeing the strongest tenant demand we’ve ever had, far beyond normal seasonal fluctuations.” Although the lack of mortgage finance is pushing would-be buyers into renting and would-be sellers into becoming landlords until the market stabilises, the influx of supply is being met by a flood of demand - keeping rents firm. The number of leases commencing in January to September 2008 is up 45% on the same period in 2007. In spite of the larger number of rental properties coming on to the market, as disillusioned sellers become ad hoc landlords, would-be buyers are biding their time in the hope that they’ll bag a bargain when the market bottoms out. 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Posted on: Thursday, March 27, 2008 Darling offers a prop to homeowners and buyers Posted on: Thursday, March 13, 2008 It's debt freedom day Posted on: Monday, March 10, 2008 Property is favourred over pensions for retirement Posted on: Thursday, March 06, 2008 Hounslow council tax set for zero increase Posted on: Thursday, March 06, 2008 Budget Day 2008 - time to revise stamp duty Posted on: Tuesday, March 04, 2008 Shall I develop up, out, down or move away? Posted on: Monday, November 19, 2007 Meet the owner of OliverFinn Posted on: Monday, November 19, 2007 Vendors abandon traditional Estate Agents in favour of flat fees Posted on: Monday, November 19, 2007 |
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