Rics confirms rental boom is continuing |
19 2008 |
| The Royal Institution of Chartered Surveyors (Rics) has confirmed that growing numbers of rental properties are becoming available as homeowners look to offset falling equity values. According to the latest figures compiled by the professional body, some 43 per cent more of its members reported a rise than a fall in landlord instructions over the course of July. This stands in comparison to the figure of 30 per cent seen over the second quarter of 2008, while inquiries over possible home sales have dropped in line with declining prices and consumer confidence levels. Rics spokesperson James Scott-Lee explained: "The lettings market is booming with many vendors opting to rent their property while sales in the housing market continue to dry up. Many are willing to 'hold' and await the return of capital appreciation." These latest comments are likely to be welcomed by tenants as the growing levels of rental property supply on the market look sure to push rents down, with those prepared to do a bit of research likely to find themselves a property bargain.  |
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