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Rents are on the rise again

Rents are on the rise again

Wednesday, 1 December 2010 12:05 AM

RICS (the Royal Institute of Chartered Surveyors) has reported that rents are still rising, while the sales market for buy-to-let properties has slowed down.

The body's Q3 survey results, released this morning, found that 39 per cent more surveyors reported rises in rents than the number that had seen falls. Landlords are also seeing their properties stand empty between tenancies for shorter periods.

Furthermore, the amount of new landlord instructions being issued, which RICS sees as a key marker of the buy-to-let sales market, has slipped for the fifth consecutive quarter. Survey respondents believed that this was due to the difficulty of obtaining a buy-to-let mortgage, coupled with decreasing numbers of properties appearing on the market: in the three months to July, 4.1 per cent of landlords intended to sell their properties at the end of the tenancy agreement, but now that figure stands at just 2.5 per cent.

RICS spokesperson Jeremy Leaf commented: "Rents continue to rise with supply failing to keep up with demand."

Leaf added that, because of the recent rise in the number of providers willing to offer investment mortgages, there were "increasing indications" that landlords would be looking to add to their portfolios over the next few months.

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