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Demand pushes rents up in three months to April

Thursday, 9 June 2011 3:22 PM

Rents were driven up in the three months to April by increased tenant demand and a lack of properties coming onto the market, according to a survey released today.

The latest Royal Institute of Chartered Surveyors Lettings Survey revealed that overall, 42 per cent of its members reported rents rising rather than falling in the period.

In RICS' previous quarterly report, 40 per cent reported rate increases.

The most notable increases were seen in London and the South-East, where surveyors reported that in some areas, rents had risen so sharply that previously affordable homes are now unattainable to many.

While six per cent more surveyors reported new instructions from landlords – taking the balance into positive territory for the first time since April 2009 – the survey found that supply still remained unable to keep up with demand.

During the three-month period covered by the survey, tenants were staying in properties for longer, resulting in less availability, while fewer landlords were selling their properties at the end of a tenancy. Just 2.8 per cent of landlords sold property in the three months to April, down from four per cent recorded in the previous report.

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