Rents continue to rise as letting supply falls
The number of properties listed to let continues to fall pushing up rental values across the country, according to a new report.
The latest Royal Institution of Chartered Surveyers (RICS) Residential Market Survey reveals the availability of rental properties has fallen for the fourth consecutive month in April. The rental market also saw tenant demand increase over the first quarter of the year, the report claims.
Joseph Hall, Partner – Head of business development, lettings – at Fenn Wright, said the national trend is evident in the East of England and predicts rents will continue to rise.
“Across East Anglia we are seeing increased demand year on year on all types of property to rent. Our investors seem undeterred by the recent tax and stamp duty surcharge changes.”
He added: “In the pre – election period we might have expected a cooling in investor activity however we have seen increased appetite from our clients, with currently a limited supply of potential investment instructions coming to the market for sale this will only lead to further upward pressure on rents and we predict that this pressure will continue.’’
According to Simon Rubinsohn, RICS chief economist, the lack of housing stock remains a key challenge for the residential sales sector while recent and forthcoming tax changes are having an impact on transaction levels, particularly with higher priced properties.
Fenn Wright’s expert letting and management specialists offer advice on all aspects of the rental market for experienced and new landlords alike.
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