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Rental demand lifts 76% as depressed housing market continues

August 15, 2008 on 12:24 pm | In News |

Demand for rented accommodation in July grew by 76 per cent year-on-year, according to new data from estate agent Your Move.

Sharon Flaherty, FTAdviser - Friday , August 15, 2008

Lease commencements were up by more than three quarters in July this year compared to July 2007 as thousands of would-be house buyers scrapped plans to get on the property ladder.

On a month-by-month basis, tenant demand is also rising with the number of leases commencing in July this year up 18 per cent from June.

According to Your Move, landlords have experienced the strongest demand from tenants for decades, as property purchases slide and the ongoing mortgage drought prevents people from buying.

Managing director of Your Move David Newnes said: “Demand for rented accommodation has exploded – July’s massive uplift is the biggest this year. Full Article

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In central London we’re seeing the same level of new tenancy starts as 2007, so I find this a little strange. The number of tenant vacates is down however, proving that renting is a preferred option right now as tenants stay put.

One inteesting trend has been towards more higher value family homes being rented than a year ago. Our Fulham office agreed three last week all over £1000 per week.
Barry
http:/www.chard.co.uk

Comment by barry — 15/8/2008 #
We are finding down in Littlehampton, West Sussex that the supply does seem to be outweighing the demand, despite the obvious increase in people now looking to rent. It seems to be due to the fact that a lot of people are deciding to rent their properties out rather than continue to market the property for sale when the market is as it is, so we are hoping it will level out a bit more so properties start renting a lot quicker again

Comment by Sam — 19/8/2008 #
in Gloucestershire where our Agency is based (Cheltenham) we are not seeing the increased demand. Whilst we are receiving more property instructions from people who cant sell they invariably are not the one or two/three bed properties but the larger four plus bedroom properties. furthermore talking to our tenants the general feeling is that most are choosing to stay in their properties as the increase in utility bills etc is making them cautious.
the demand is there - but we have certainly not seen the massive over supply of tenants looking that the media seems to report!

Comment by nick dardalis — 25/8/2008 #
I have to agree there is not the demand for rented property as there was in 2007.
Sussex as a rule is a good location for rental due to the fact of Gatwick airport and its migrant, but hard working people and alos there is an oversupply of rental properties.
We have also noticed that due to the credit crunch new properties are not selling and in a new twist they are instead renting rather than sell at a possible loss.

Comment by MR N Kara — 29/8/2008 #

See news story archives older than August 2007 here

Rental demand lifts 76% as depressed housing market continues

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