Surveyors see new decline in rents

23/06/2009

Rents have fallen again in the UK, surveyors have confirmed.

A new Royal Institution of Chartered Surveyors (Rics) survey, released yesterday, showed that 55 per cent more members are reporting a fall, rather than a rise, in rents.

Last month, this balance stood at 48 per cent.

London tenants were finding prices easing still more, with 85 per cent more surveyors reporting a fall.

This is largely good news for renters, but bad news for landlords who use rental income to cover their mortgage payments.

Rics spokesperson Jeremy Leaf said that the recent slump in the housing market had caused the rent trends.

"Property transactions are starting to rise from very low levels and the influx of supply in the rental market has slowed as vendors begin to find buyers," he commented.

"Demand for rental property is still high but tenants have been able to take advantage of a flooded market to negotiate lower deals. Even so, the downward pressure on rents should ease in the coming months providing some good news for landlords."

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