Fierce competition for rented properties is squeezing prices higher in a “frenzied” lettings market. Research by surveyors has found this comes as housing sales remain downbeat.
Tenant demand reached a five-month high with strong demand seen across the country, the Royal Institution of Chartered Surveyors (Rics) said. But the degree of new landlords to instruct properties declined, leading to a demand and supply imbalance that means rents could be pushed higher.
The proportion of surveyors who said they expect rents to rise in the next three months jumped to 59%, up from 45% in the previous month’s survey, and nearing the highs seen toward the start of last year. All parts of the UK are set to see an increase in rent prices in the year ahead, professionals said.
