Friday, 19 November 2010

Rental bonanza is unprecedented says local lettings agency

With demand outstripping supply, rents are currently at an all-time high – and they are likely to stay that way for some time to come.

What we are experiencing is unprecedented. In the last few months, we have seen a soaring demand for rental properties - from one bedroom flats to family homes - and rents are continuing to rise rapidly.

We believe demand for rental properties will continue to surge due to a number of national factors.

The average age of a first time buyer is now 37 and with restrictions on mortgage lending this is unlikely to change.

Student debt is also on the rise which will make buying a property out of the question for many people and we also believe that the public sector cuts will have a huge impact.

Across the board, people are more and more reluctant to commit to buying and want to remain in rented accommodation long-term.

Whilst the boom is good news for landlords who can expect greater returns on their investment, it is not such good news for tenants who are having to fight harder to secure properties.

In this market, the best piece of advice for anyone considering either renting or letting out a property is to research every aspect. Both landlords and tenants should obtain advice from reputable licensed letting agents who can guide them every step of the way.

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