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Demand for rental accommodation increasing

Statistics from CLIFFTONS lettings department have revealed that many landlords have strengthened their income return as rental levels are reviewed.

James Scollard, the owner at CLIFFTONS comments, “The economic uncertainty around interest rate expectations, the current credit crunch and financial turmoil has held back a number of would-be buyers and has resulted in a dramatic increase in the overall value of the rental market. The market conditions have positively impacted the rental market and presented investors with an opportunity to obtain better rental values. With affordability continuing to be an issue for first-time buyers, demand for rental housing has intensified.”

“People in their twenties and early thirties are holding off buying and are therefore renting. In addition, there are more foreign people moving into the UK further increasing the rental demand. As rents increase, it maybe buy to let investors will continue to buy further properties as rental yields increase”

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Posted: 14th November 2007

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