22 May

RICS reports rise in new landlord instructions

RICS reports rise in new landlord instructions

The net balance of chartered surveyors reporting a rise in new landlord instructions rose by 29 per cent in the first three months of 2008, according to the Institute of Chartered Surveyors (RICS).

Its findings make a significant change from the previous quarter, when the balance stood at minus two per cent.

The increase could be due to sellers looking to the rental sector, as demand has dwindled in the housing market, RICS suggested,

To illustrate the point, the organisation noted that 28 per cent more chartered surveyors reported a fall rather than a rise in tenant lettings, up from 17 per cent in the last quarter.

"The sales market's loss is the lettings market's gain … with rental expectations high, landlords will continue to enjoy this increasingly lucrative market," James Scott-Lee, a spokesperson for RICS, commented.

Confirming the trend, Katy Waite, local director of the County Homesearch Company in Surrey, recently told aboutproperty.com that her firm has been "inundated" with requests for rental homes.
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