Rents expected to rise
The Royal Institution of Chartered Surveyors (RICS) has recently released figures that show that average rent is expected to continue to rise throughout next year. Since 1998 the number of availible let properties has fallen resulting in the increase of rent, according to RICS.
The 'accidental landlord' phase seems to be fading out, this is because as the property market begins to pick up more people are finding that they can now sell their homes. With this being the case 22% more surveyors believe that the number of let properties available will drop, increasing the average rental amount.
Jeremy Leaf from RICS said: "As a result the recent oversupply is reversing, with new instructions at the lowest levels we have seen. This of course is impacting on prices and tenants no longer have as strong a bargaining power as they did."
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