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The Royal Institution of Chartered Surveyors’ Lettings Survey has found that the rental market is booming.
In a new survey by the Royal Institution of Chartered Surveyors’ it has found that 43% more surveyors reported a rise than a fall in landlord instructions compared to 35% in the previous quarter. New instructions to let houses and flats have also increased with 47% Chartered Surveyors reporting a rise and 39% reporting a fall, but this increase is the fastest since these surveys began.
Surveyors have also reported that there are now more first time landlords entering the market due to the poor conditions in the housing market and are placing their property to let due to current lack of demand in the property sector.
Rents have generally continued to rise while house prices fall, which in turn has driven driving gross yields upwards, according to RICS. However in some areas rental expectations have been falling slightly with some surveyors expecting over-supply to push rents downwards due to the glut of new build properties on the market and builders looking to turn some of their properties into cash by way of Buy to Lets.
James Scott-Lee, spokesperson for RICS, commented: "The lettings market is booming with many vendors opting to rent their property while sales in the housing market continue to dry up. Many are willing to hold and await the return of capital appreciation. Becoming a landlord is now an increasingly profitable option with rising rents and yields offering good returns.
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