Estate agents have seen a significant increase in rental property demand, continuing a trend which has been growing for many months, the National Association of Estate Agents reports.
Estate agents are seeing more requests due to Eastern European immigrants, favourable employment conditions and an increased demand from first time buyers. Many first time buyers are now in a situation where they cannot afford to buy due to increase interest rates.
Many twenty-somethings are being forced to stay in rental property as most first time buyers are willing to pay higher living costs in order to maintain their standards of living.
Rental costs rose dramatically in the first three months of this year. The average rent rose 1.77%, compared to 0.2% in the first quarter of 2006. Justification for this may lie in the fact that interest rate increases twice this year already have pushed mortgage repayments and other costs up.
Landlords and buy-to-let investors have also been more able to demand the amount of rental income they desire, due to increased demand. This has fuelled even more buy-to-let investors based on current demand.
Furthermore, the NAEA reported that the average time vacant for a lettings property was 13 days.
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Estate agents report increased lettings demand Fri, 01 Jun 2007
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