The latest survey conducted by the Royal Institution of Chartered Surveyors (RICS) reveals that the demand for rental residential properties continues to grow in the UK, further contributing to inflation of rents.
The RICS December 2016 UK Residential Market Survey said, “tenant demand (non-seasonally adjusted) increased marginally across the UK as a whole while new landlord instructions were more or less flat.” Consequently, the pressure is felt on rents, as demand for quality residential rental homes continues to outstrip across the UK.
It is predicted that the rents will continue to grow at an average of 5 per cent over the next five years. Many of the respondents of the survey did not foresee any fall in the rent values because of the poor level of housing stock across the country. However, the demand for residential rental properties remained flat in London, the respondents of the survey said.
More than 24 per cent of the respondents contended that the house prices would continue to grow across the UK in the next 3 months. With house price, increasingly steeply, more number of people will be forced to take up rental accommodation in the UK. The RICS survey gives a clear indication of the trends in the residential market in the UK.
If you are keen on investing in a buy-to-let home for rental income or explore residential rental homes in some of the best locations in London, connect with estate agents of Strawberry Star at any of our offices.
Shortage of properties to let drives rent expectations higher - RICS