Quality rental properties in high demand
A recent survey by high street estate agents is showing an extremely high demand for good condition rental properties. One agency in the Midlands area reported a 17% increase since January of clients waiting for suitable properties to come onto the market. The demand is growing it would seem nationwide with London and the surrounding areas reporting severe shortages of suitable properties to rent.
The shortage is due to young couples being unable to raise the deposits required to buy their own homes and consequently they go for renting. Mortgage companies are doing all they can to attract the first-time buyer but the restrictions applying to applications is having a negative effect. Interest rates remain the lowest they have been for years, but this still is not helping as the deposit required is hard to accumulate.
This situation is only good news for the landlord as rents continue to increase year on year as demand for properties grow. One thing which is clear in the survey is that rental properties have to be of a good standard to demand the high rents being charged.