Find a Tradesman - The Vetted Tradesmen Blog

Supply of rental properties rises

Nice houses are in demand, not just flats for students. The number of properties up for rent has jumped as people who cannot sell their homes decide to let them instead.
The Royal Institution of Chartered Surveyors (Rics) says the slump in house sales is forcing many more people to become either landlords or tenants.
In July, Rics members saw new instructions from landlords rise at their fastest rate on record.
But potential tenants are outweighing would-be landlords, and helping to push up rents in many areas of the UK.
The international credit crunch and the subsequent drying up of finance for new mortgages has produced the sharpest housing market slump seen since World War II.
The number of house sales has already fallen by 50% in the past year and with mortgage approvals already down by 70% it looks likely that sales will fall even further in the coming months.
“Frustrated vendors have been placing their property in the market to let as they have been unable to agree sales due to a lack of demand in the housing market,” said Rics.
“Many would-be buyers have been forced to rent as the route to mortgage finance has been blocked,” it added.
Thanks to the BBC for this story read more http://news.bbc.co.uk/1/hi/business/7567963.stm