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Number of rentals ’soars by 20%’

September 17th, 2008 | U.K, UK Property News

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The number of people renting a home has soared by nearly 20% during the past three months as the housing market turmoil puts people off buying a property, a survey shows. Around 64% of letting agents outside of London said demand for rental property outstripped the number of homes they had on their books, falling to 41% within the capital, according to the Association of Residential Letting Agents (ARLA).

Unsurprisingly, given the boom in demand, rents are also rising, with average rents for a house increasing by 3% to £387 a week during the three months to the end of August, while rents on flats have jumped by 7% to around £253. Read more …

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