UK Rental Market Is Buoyant - RICS

The Royal Institution of Chartered Surveyors (RICS) says that the British market of rental property remains very busy as the number of new houses for rent is decreasing, whereas tenant demand grows constantly.

As such, demand for buy to let properties from tenants has grown in London and the East of England as occupancy rate increased all across the UK for the second quarter in a row. RICS, however, registered a fall in tenant demand for rental properties in West Midlands. The change is most likely due to the increase in supply.

RICS reminds that back in 2008 the situation on the rental market was very different as rent rates were pushed down by oversupply caused by emergence of so-called "accidental landlords."

These days, however, those are tough mortgage criteria are supporting the rental market. In its Residential Lettings Survey, RICS states that Brits are oftentimes turning to rental properties because they cannot afford the large deposits and strict conditions required by mortgage lenders.