Rental Property Requests Rising in United Kingdom reports Rental History Reports
No market slowdown expected in near future
According to the information gathered by RICS, the interest from would-be renters rose by approximately 15% during the three-month period that ended in October, an increase of 5%.
According to the RICS, those numbers represent the strongest level of interest from potential renters since January. They also point to continued growth for the rental market in the U.K. for the coming months.
Property owners can take heart from this data, as the information comes during a time when fears have been elevated over the fact that there is no rental agent regulation in place.
Approximate 90% of rental tenants who responded to another RICS survey are in favor of compulsory regulation for rental agents in order to protect consumers.
There are more properties on the rental market as well, which also bodes well for the future of the market. There are currently 14% more properties available for rent that the previous quarter, which actually registered -3%.
In good news for landlords and bad news for potential tenants, the cost of renting a home has continued to increase. Approximately 12% of renters noted paying more for the rentals than less, as was more common during the recent housing recession. Rents have steadily rising for more than two years now.
Most areas in the U.K. are reporting rise rental rates, with London and Northern England reporting the fastest-growing rates.
According to the RICS, the cost of renting should continue to rise across all markets approximately 16% in the coming months.
With more people looking for rentals and a higher number of rental properties available, the market should continue to flourish well into next year, said Peter Bolton King, RICS's global residential director.
About Rental History Reports:
Rental History Reports (https://www.rentalhistoryreports.com) provides background information to landlords and properties owners on potential renters. They also provide background reports on individual for employers and public housing authorities.
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