Rental demand set to be strong in 2008, experts predict

19 2007
With the numbers of people managing to get onto the property market steadily declining, the rental accommodation market will continue to boom in 2008, an industry expert has stated.

According to the latest figures published in a new Daily Telegraph report, first-time buyers have dropped from over 20 per cent of the market to less than 10 per cent due to a "substantial number of people switching from buying to renting".

Indeed, the sector is so strong that potential renters are likely to face stiff competition for high-quality flats and houses over the next few months.

Stuart Law, chief executive of Assetz, wrote in the newspaper: "The talk of oversupply has referred mainly to rented flats in city centres.

"However, it is now becoming clear that this was a relatively small oversupply and agents in many cities and towns are reporting strong rental demand surges and a rapid reduction in rental accommodation available.

"Even city centre flats are recovering and rental demand is so far boding well for strong rental growth in the future," he added.

Earlier this month National Homebuyers advised that renting is now the 'best solution' for UK professionals, with the practice of 'sell-and-rent-back' growing in popularity. ADNFCR-1219-ID-18400454-ADNFCR

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