Rents tumbling as property supply rises |
19 2008 |
| Research from the Royal Institution of Chartered Surveyors (Rics) Wales has found that rental prices are dropping as a result of the time it takes to sell a property, it has been reported. Homeowners are struggling to sell property in under 12 weeks according to the latest home sale figures and as many more decide to add their home to the rental market the price of renting is also dropping significantly. The latest Rics figures show that the number of new instructions to let has risen 57 per cent in just the second quarter of 2008. Rics Wales director Cathy McLean said: "The market place has become more and more competitive as many vendors have been forced to become amateur landlords, creating an inevitable downward pressure on rents where supply has matched demand. "With national average house prices set to weaken in 2009, yields may increase for those investors who can provide the right product for the right market place." The benefits of renting compared to buying in the current conditions are numerous, and many will be in favour of renting in order to enjoy the lower financial risk compared with the deposit involved with buying a house.  |
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