Fall In Available Rental Stock
Once again the monthly market snapshot from the Royal Institution of Chartered Surveyors reports a decline in the available rental stock.
RICS says this has now been an ongoing theme in the available rental stock over much of the last three years.
In this month’s study, out today, a net balance of 29 per cent of contributors report a fall in landlord instructions in November – the net balance was 21 per cent a month earlier.
Meanwhile, tenant demand remained steady at the national level. On the back of this, rents are expected to rise modestly in the coming three months.
Letting agents consulted by the RICS have indicated a forecast of rent rises equivalent to two per cent over the coming 12 months.
Over the longer five-year horizon, rental growth projections stand at more than three per cent per annum – this is outstripping sale prices which are seen rising by around 2.5 per cent annually.