Rics: Rental demand rising

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Rics: Rental demand rising

Thu 22nd May 2008

The Royal Institute of Chartered Surveyors (Rics) has reported that the net balance of chartered surveyors reporting a rise in new landlord instructions, which is an indicator of supply, rose to 29 percent in the first quarter of 2008.

In the previous quarter the balance stood at minus two per cent.

The institute suggests the change is due to sellers turning to the rental sector following a significant drop in demand in the housing market.

Meanwhile, 28 per cent more chartered surveyors reported a rise than a fall in tenant lettings, up from 17 per cent in the last quarter.

Rics spokesperson James Scott-Lee said: "The sales market's loss is the lettings market's gain … with rental expectations high, landlords will continue to enjoy this increasingly lucrative market."

Katy Waite, local director of the County Homesearch Company in Surrey, recently told aboutproperty.com that her firm has been "inundated" with requests for rental homes.

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