26/05/2009 - Rental rates fall in crowded market
Homeowners frustrated with failing to sell their property have turned to the rental market, causing rates to fall 16% in the past 12 months.
The rental price drop may continue for a while yet, as there is no indication that the market is likely to become less crowded. EasyRoommate.com found the average monthly rent to be £810, compared with £937 in May 2008.
For the first time in over a year-and-a-half, the number of rental properties being put on the market topped the 60,000 mark. An additional 62,765 properties were put up for rent in April, a 9% rise on the number in March. April was the fifth consecutive month that the amount of properties up for rent had increased.
The number of homes put up for rent in Belfast jumped 147% in April, when compared with March. Woking in Surrey experienced a 118% increase, while Nuneaton in Warwickshire went up 103%. Rugby, Margate, Glasgow, Hove and Shrewsbury were among the other places to see a rise of over 60%.
Copyright © Press Association 2009
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