Rents pushed down by "frustrated" sellers

18/11/2008

Rents are falling in the UK, according to the Royal Institute of Chartered Surveyors (Rics).

The surveyors' group has released a new study, showing that most of its members experienced a rise rather than a fall of instructions to let houses and flats over the three months to September.

In turn, this has pushed the number of rental properties available to tenants to "historical highs".

Rics members also reported that the reason for this trend was "frustrated" home sellers giving up on putting their property on the market to buy - and putting it on the market to let instead.

James Scott-Lee, spokesman for the group, added: "The lettings sector has witnessed a boom in 2008 as sales in the housing market continued to slow.

"The market place has become more and more competitive as many vendors have been forced to become amateur landlords, creating an inevitable downward pressure on rents where supply has matched demand."

Tags; Current UK Economy, Young Family Finances,

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