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09 June 08 - Rental Demand “Remains
Strong”
Demand for rental properties remains at record levels as
people delay plans to buy due to the downturn in the housing
market, research has shown.
The proportion of letting agents reporting demand for homes
to rent outstripping supply remained at a historic high
of 39% during the past three months.
The imbalance between supply and demand is highest in Greater
London and the South East, according to the Association
of Residential Letting Agents.
But despite the high levels of demand, rents actually fell
slightly during the three months to the end of May, with
average rents for houses falling by 7%, while the level
of income landlords can expect from flats dropped by 9%.
The group attributed the fall to large numbers of new-build
two-bedroom flats coming on to the rental market.
Average rents for a house now range from £3,000 a
month in London to £931 outside of the South East,
while tenants can expect to pay an average of £2,000
for a flat in London and £585 outside of the South
East.
News items supplied by SelectNews, produced by PA Business,
part of the group that owns The Press Association, the UK's
national news agency. Copyright (c) PA Business 2007.
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