UK Rental Prices on the Rise

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22nd June 2012 13:51 - Financial Services

According to the latest Royal Institute of Chartered Surveyors (Rics) Residential Lettings Survey, the cost of renting a property in the UK has risen due to tenant demand outstripping the number of homes available on the rental market.

Of those surveyed, around 34% said they had seen an increase in rents as opposed to a fall during the three months to July.

The rate at which rents are climbing has slowed slightly however, as the figure was less than the 42% recorded during the previous three months.

Rics spokesperson, James Scott-Lee, commented: "The combination of strong tenant demand and a limited stock of good quality properties on offer is pushing rents ever higher across much of the country."

A reason suggested for the rise in popularity of rented accommodation is that there has been an increase in potential first-time buyers who have chosen to remain in the rental market because buying a house is currently too pricey.

Experts predict that this trend of high demand and low supply in the rental market is likely to continue, so further rent hikes are expected over the coming months.

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