9 Sep

Buy-to-let 'sees 20% growth'

Buy-to-let 'sees 20% growth'

The number of people renting a home in the UK has risen by 20 per cent in the past three months, a survey has found.

A study by the Association of Residential Lettings Agents (Arla) found that the rise in the number of renters has partly been fuelled by some homes being put up for rent rather than getting sold.

Despite this, it found that 64 per cent of agents were finding they had a shortfall of demand, a figure that dropped to 41 per cent in London.

Rents were also up during August, with the average monthly rent per house rising by three per cent to £387 and the average monthly rent for a flat by seven per cent to £253.

Arla's head of operations Ian Potter commented that these increases, put together with the absence of unusual selling patterns, "proves once again that the credit crunch effect on the private rented sector exists only in the imagination".

Earlier today Royal Institution of Chartered Surveyors spokesman Jeremy Leaf said buy-to-let investors will do well out of the new stamp duty holiday on properties sold for under £175,000 as they tend to have good access to finance for purchases.

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