Rental demand 'soaring'
Demand for rental accommodation has reached a record high, one new study has suggested.
According to Paragon's buy-to-let Index, the demand has driven up average UK rents by four per cent over the last quarter, and 12 per cent over the past six months.
John Heron, director of mortgages for the firm, said that difficulties in the owner occupier market were prompting more people to rely on the rental sector.
He commented: "The backdrop for buy-to-let remains positive across the country - potential residential purchasers are reluctant to buy in the current market or are unable to secure a mortgage and this is fuelling extra demand for rented accommodation."
Mr Heron added: "The average rental property now generates in excess of £1,000 per month, and this upward trend looks set to continue in the future."
Previous research by Paragon found that one in three landlords believes the popularity of rented accommodation is on the up.
Published 1st May, 2008
© 2008 Estates IT Limited
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Demand for rental accommodation has reached a record high, one new study has suggested.