Rents increase by 4.3% and will keep on rising

Residential rents across the UK have increased by 4.3% over the past 12 months and are likely to go up another 3.9%, the Royal Institution of Chartered Surveyors has said.
By The Newsroom
Published 4th Sep 2012, 13:50 BST

The body’s residential lettings survey for the second quarter of 2012 found that in the three months to July, tenant demand continued to grow faster than the rate of supply. However, the RICS says there are strong regional variations.

Maria Lucas, managing director of Let Lucas Rental Specialists, said: “We are certainly seeing a similar trend locally. There is huge demand from tenants outweighing the supply of residential rental property around Banbury for rent of £1,000pcm or less. “Above this rent level, there is still good demand yet certainly less people around than 12 months ago. Prospective tenants are also leaving it much later to reserve properties with the average time between viewing and moving in being 14 days. This is purely down to the lack of economic confidence. Properties are letting well just later than they used to.”

Hide Ad
Hide Ad

With more than 50 Acts of Parliament and 70 sets of regulations which landlords should be aware of, letting is a complex, specialist field.

Contact Maria Lucas (pictured), of Let Lucas on 01926 350007 for a consultation with a qualified, licensed letting expert.

Related topics:PropertiesBanburyParliament