Tenant Demand Rises to Nine Year High
The RICS Lettings Survey published in February showed that tenant demand rose at the fastest pace for nine years. This acceleration was down to a strong economy, buoyant employment conditions and sustained migration from EU accession countries.
Demand rose for both flats and houses, with surveyors reporting a rise in demand for houses, up from 22% in October - the highest figure in the survey’s history.
New landlord instructions (an indicator of buy-to-let activity) showed a modest upturn. Higher investor activity reflects the pull of strongly rising house prices with interest rate rises yet to have a negative impact on landlord demand. Surveyors reported a firm increase in rental levels but expectations of further growth were less than optimistic with a backlog of properties expected to prevent further increases.
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