19/03/2009 - More to-let homes force down rents
Desperate homeowners reduced to letting properties they cannot sell are forcing down rents across the country, says the Royal Institution of Chartered Surveyors.
London and the South East has seen the biggest rise in the number of rentals, while 73% more surveyors in the South West report falling rents.
The situation looks set to get worse - or better, depending on whether you are a landlord or a tenant - as more properties come onto the market.
Said RICS spokesman Jeremy Leaf: "The marketplace has become more and more competitive as reluctant owners continue to look to let properties they are unable to sell.
"With property sales at historical lows, the rental market will continue to boom - provided unemployment levels do not increase significantly."
Around 42% more surveyors said they had seen a rise rather than a fall in demand, up from 27% more who had seen an increase during the previous quarter, with demand increasing at its fastest pace in the survey's history.
Copyright © Press Association 2009
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