By:
\nMadalena Penny<\/p>\n
Problems in obtaining mortgages, worries over double dip price falls, large deposits insisted upon by mortgage lenders and a shortage of properties have been named as contributing factors for a surge in tenant demand and rental values being pushed higher, suggested the latest survey from RICS, (The Royal Institute of Chartered Surveyors).<\/p>\n
The results from the survey concerning Q2 of this year show that 27% more surveyors reported a rise in rents, compared to 29% who reported a decline in rents a year ago.\u00a0 A 33% increase of surveyors are expecting rents to continue increasing throughout the quarter.\u00a0 Data from the survey captured a decline in available rental properties, which contributed to propelling higher rents.\u00a0 BTL restricted lending conditions were also viewed as a hindrance for landlords seeking to increase to their portfolios to facilitate the on-going demand for rental properties.\u00a0 However, as home-owners struggle to sell their own homes due to the current property market trends, many are choosing to put them on the rental market, which will alleviate present tenant demand.<\/p>\n
Commenting on the RICS Survey, David Salisbury, chairman of the National Landlords Association (NLA) said,<\/p>\n
\u201cWe welcome the latest RICS survey findings, which point to strong demand for rented property.\u00a0 The growing need for private-rented accommodation demonstrates the importance of the role played by residential landlords.<\/p>\n