CLIFFTONS Letting agents in Bournemouth have seen a sharp rise in demand for rental property throughout 2008 by as much as 77%.
James Scollard, the owner of CLIFFTONS in Bournemouth comments “We have seen an increase in tenancies across all areas of Bournemouth on the back of a slowdown in the housing market.
The rise is two fold, on one hand many prospective buyers and potential first-time buyers are renting due to finding it difficult in securing a mortgage or waiting for the UK’s housing market to bottom out and for signs of economic stability and on the other hand, many would be sellers would rather take advantage of strong demand for rented accommodation than risk selling in a depressed market.
Latest property surveys indicate that confidence in the UK housing market is at an all time low with mortgage approvals for house purchases at record low levels, with figures from the British Bankers’ Association showing a 64% year-on-year decline in lending for new purchases, in August.
Posted: 24th September 2008