Rental Market Activity in the UK up 22% year on year
The property rental market in the UK in the last few
years has gone from strength to strength as activity now soars 22% above June
2012. It is also important to note that supply of rented homes was significantly
boosted by improved Buy to Let mortgage availability (37.242 mortgages were
approved in May 2013 from a low of 31.000/month approved in 2009).
New tenancies agreed have increased 22% annually in
the UK and 20% in London, according to the latest data from leading letting
agents.
The figures also show that UK tenant demand has grown
at an average rate of 17% annually as would be buyers remain priced out of the
property sales market.
The number of new properties available to rent has
risen by 29% annually compared with the previous data as new landlords continue
to come into the B to L market. In London, properties available to rent have
increased by 13% annually.
This is good news obviously and one will need to view
the property market as a whole and will need to consider the impact that
governmental decisions and actions (Funding for Lending) will have on the
market, especially after 1.1.14. It is
evident that sales will grow further with confidence coming back into the
market, especially the financing sector. Expect capital growth of all properties
all over the UK and especially London which eventually will see rental growth
diminishing slightly.
MARIO APOSTOLOU
Leading Property
Expert
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