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Cost of renting set to rise

Cost of renting set to rise

Category: Buy To Let

Updated: 04/04/2013
First Published: 04/04/2013

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

A survey of chartered surveyors has revealed that almost a quarter believe continued high demand for rental accommodation will spell an increase in the cost of renting a property over the next three months.

According to the latest survey by the Royal Institution of Chartered Surveyors (RICS), demand from tenants continued to escalate during the first quarter of 2013, outstripping the supply of rental homes.

Around 45% of surveyors reported a rise rather than a fall in demand from tenants, many of whom have found themselves locked out of the property market due to tough lending criteria and high deposit mortgage products.

Despite a growing number of new landlord instructions being carried out in quarter one, with 15% of surveyors reporting a rise rather than a fall in new instructions, many claimed this was still outweighed by the growth in tenant demand.

Whilst average rental costs rose across England and Wales last quarter, demand and costs rose considerably in the South West, East Anglia, North Midlands and the North West.

What next?

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