Demand for rental properties is growing fast as first-time buyers are forced to rent because they cannot get mortgage facilities. Estate agents are reporting that the lower end of the rental market is seeing the steepest rise in demand.
Tenants looking for anything below £500 a week are faced with limited choice. In this sector of the market demand will soon outstrip supply if the trend continues. Decent accommodation at anything below £500 a week is being seen increasingly as a bargain.
However, higher up the prestige ladder, properties which are being let for more than £1000 a week are proving increasingly difficult to shift. In this sector rents have fallen by up to 30 per cent. It is thought that this is largely to do with the number of companies taking long leases for their staff beginning to decline.
According to one leading agent the supply of rental homes in London has grown by almost seven per cent – with people who cannot sell their properties renting them out – but demand for rental properties is up 20 per cent year on year.
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