Supply of rental properties rises |
The number of house sales has already fallen by 50% in the past year and with mortgage approvals already down by 70% it looks likely that sales will fall even further in the coming months. "Frustrated vendors have been placing their property in the market to let as they have been unable to agree sales due to a lack of demand in the housing market," said Rics. "Many would-be buyers have been forced to rent as the route to mortgage finance has been blocked," it added. More lettings According to the Rics survey of residential lettings, 43% more of its members reported a rise in landlord instructions than saw a fall during the three months to July. |