Rentals 'Going Through The Roof'

Sky News reported this morning that "the slump in the housing market has led to a boom in the rental sector as frustrated homeowners look to let out rather than sell their properties."

"The Royal Institution of Chartered Surveyors (RICS) said instructions to let properties increased at their fastest pace since its survey began during the three months to July. Overall, 43% more chartered surveyors reported seeing a rise in the number of new landlord instructions than those who saw a fall, up from 30% during the previous quarter. The group said the credit crunch, which has seen banks become much more reluctant to lend money, has had a dual effect on the rental market. Sellers are finding it difficult to get rid of their properties, because would-be buyers cannot get mortgages. As a result, people who would like to buy have been forced to rent instead - further boosting demand.

Tennant demand rose at its fastest rate since 1998, with 37% more chartered surveyors reporting an increase in lettings than those who saw a fall, up from 30% during the previous quarter. The group said demand for family homes was particularly strong, with 43% more surveyors reporting an increase in the number of house lettings than those who saw a fall, compared with 34% more who reported a jump in demand for flats.

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