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28/05/2003
Survey says property rents hit two-year high
Demand for rental property is at its strongest for two years, keeping rents steady across most of Great Britain, the Royal Institution of Chartered Surveyors has claimed today.
A survey on the residential lettings market published today suggests high demand for rental property, caused by priced out first time buyers and others selling-up and renting whilst the market is still strong, is shoring up the rented sector.
Over the last three months, a net 1% of surveyors reported a drop in rents, compared with 9% the previous quarter. Rents rose in most regions across the country, with the exception of London and the south east. The most notable increases were reported in the north, however, the highest rents were still to be found in London where the average rent per calendar month was £1,619, compared with an average of £714 across Great Britain.
RICS residential lettings spokesman, Jeremy Leaf, said: "Strong demand for rented homes has helped rents hold steady. Residential let properties are currently offering a return of about 5% to investors which, after allowing for repair and maintenance costs and periods when a property may be left empty between lettings, gives a net yield of 2-2.5%."
Overall, RICS members reported a modest rise in the number of properties being put on the market for rent, although instructions rose by less than a year ago when the buy-to-let boom was at its peak.
Surveyors also remain positive in their forecast for rents over the coming quarter, with modest rises expected in most regions.
The RICS is a leading professional body, with 110,000 members working in over 120 countries, addressing all aspects of land, property, construction and the associated environmental issues.
(GMcG)
A survey on the residential lettings market published today suggests high demand for rental property, caused by priced out first time buyers and others selling-up and renting whilst the market is still strong, is shoring up the rented sector.
Over the last three months, a net 1% of surveyors reported a drop in rents, compared with 9% the previous quarter. Rents rose in most regions across the country, with the exception of London and the south east. The most notable increases were reported in the north, however, the highest rents were still to be found in London where the average rent per calendar month was £1,619, compared with an average of £714 across Great Britain.
RICS residential lettings spokesman, Jeremy Leaf, said: "Strong demand for rented homes has helped rents hold steady. Residential let properties are currently offering a return of about 5% to investors which, after allowing for repair and maintenance costs and periods when a property may be left empty between lettings, gives a net yield of 2-2.5%."
Overall, RICS members reported a modest rise in the number of properties being put on the market for rent, although instructions rose by less than a year ago when the buy-to-let boom was at its peak.
Surveyors also remain positive in their forecast for rents over the coming quarter, with modest rises expected in most regions.
The RICS is a leading professional body, with 110,000 members working in over 120 countries, addressing all aspects of land, property, construction and the associated environmental issues.
(GMcG)
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Rents in England and Wales reached a record high in September when they rose by a further 1.1%, a survey has said. LSL Property Services, which owns the Your Move and Reeds Rains property chains, said that the average rent was now £741 a month. This was 1.1% higher than August and 3.2% up on the same month a year earlier.
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Rents in England and Wales reached a record high in September when they rose by a further 1.1%, a survey has said. LSL Property Services, which owns the Your Move and Reeds Rains property chains, said that the average rent was now £741 a month. This was 1.1% higher than August and 3.2% up on the same month a year earlier.
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House Sales At 30 Year Low
Estate agents are selling one property a week as the housing market continues to slump. A survey from the Royal Institution of Chartered Surveyors (Rics) showed the number of houses being sold across the UK during the three months to the end of September was the lowest since the survey began in 1978 and 52% lower than the same period last year.
08 March 2011
London Property Market On The Up
There has been more evidence of further widening between regions in the UK's housing market. The Royal Institution of Chartered Surveyors (RICS) said this became increasingly noticeable during February, led by an improvement in London, while large parts of the North, East and Midlands continued to experience a more downbeat picture.
London Property Market On The Up
There has been more evidence of further widening between regions in the UK's housing market. The Royal Institution of Chartered Surveyors (RICS) said this became increasingly noticeable during February, led by an improvement in London, while large parts of the North, East and Midlands continued to experience a more downbeat picture.
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