Tenants benefiting from oversupply of new property |
31 2008 |
| Tenants may be able to take advantage of an oversupply of new properties to snap up a relatively cheap city centre flat, one expert has suggested. Recently London-based estate agency firm Hurford Salvi Carr reported that demand for new lettings was up by 5.5 per cent over the first three months of 2008 when compared to the same period in 2008. However, while this demand among both student and professional renters shows no sign of abating, this is likely to be offset by a growth in supply, meaning rental prices will remain steady or even decline. Tom Entwistle, editor at Landlordzone, warned buy-to-let investors: "A lot of the urban flats that have been built, the new-build flats, are oversupplied in some areas so the rent they are achieving is not what they have been promised. It's very difficult to make money from those at the moment." While investors suffer, renters are especially able to benefit from knock-down rents in big cities which have seen significant levels of development over the past few years such as London and Manchester.  |
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