Rental demand growing due to market uncertainty

22 2008
The current uncertainty surrounding the UK property market is leading growing numbers to turn to the 'safer waters' of rental accommodation, a new report has stated.

With house price growth starting to stall, the Times has reported that many prospective property buyers and sellers are losing their appetites for 'market adventure', thereby offering greater opportunities for renters.

In particular, the number of high-end rental properties is set to increase over the coming months as their owners put off selling them until the economic future becomes clearer.

However, according to one expert, this trend could also see increased competition between prospective tenants, meaning those looking to rent a property are in no position to "dither" and should also be wary of trying to negotiate a lower price with the landlord.

"If you see something you like, don't hang around," Tim Hyatt of Knight Frank told the newspaper, adding that renters need to appreciate the temporary nature of rental accommodation and "abandon the notion of finding the perfect home".

Furthermore, the report warned that tenants living in the popular East London areas of Shoreditch and Hackney may see their rents increase over the coming months as their landlords attempt to cope with rising mortgage repayment rates. ADNFCR-1219-ID-18436131-ADNFCR

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