29 Jun

A rise in demand for property 'will see rents going up'

A rise in demand for property 'will see rents going up'

Landlords who rent out property to tenants could gain a good profit on their investment after an expert suggested rental prices are likely to rise.

Chief executive of online lettings agent Upad.co.uk James Davis said that as a lot of young people leave university with substantial debts, they cannot afford to raise deposits and get on the property ladder.

He stated that more people are turning to renting as they put off buying houses, which will lead to an increase in demand for properties to let.

Mr Davis commented: "Because there is a lack of housing stock to rent out and more people [are] being forced into that space … I can see rent going up ten per cent over the next 12 months."

His comments come after a report by mortgage lender Kensington revealed that 7.98 million people in the UK currently live in rented accommodation and 68 per cent of those surveyed said they thought demand for private rented houses will rise over the next five years.ADNFCR-1222-ID-19863746-ADNFCR

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