Renter numbers set to grow in 2008, figures show |
14 2008 |
| The number of people renting across the UK is set to rise by three per cent over the remainder of 2008 as high property prices and market uncertainty deter people from buying. That is one of the conclusions reached by a new study carried out by Reading University for the Association of Residential Letting Agents (Arla), which found that the country's rental property sector is continuing to boom. Presently, the combined value of private rental property stands at £530 billion, making it more valuable than the commercial property sector, which includes warehouses, shopping centres and offices. However, the research also found that, as competition for rental properties continues to grow, particularly in popular cities such as London, Manchester and Brighton, rents are starting to creep up, making it more important than ever for tenants to look around for the best deal. Monthly rents could go up by as much as 15 per cent in the capital over the reminder of 2008, the report warned.  |
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