Increase of rental properties have resulted in fall of rent values
A new research on property in the UK showed that as the number of rental properties available in the market has increased, there has been a decrease in the rents on these properties. One of the leading property search engines in UK revealed that there was an 88 percent increase in the number of properties that were listed to go on rent. The figures showed that from last December’s 28,489 properties, the number jumped to 53,547 in January.
The group said that the cause of the increase in rental properties was because people were finding it hard to sell their properties and opted to rent them out instead. This increase is what has resulted in the decrease of rents because landlords are competing for tenants. Research has shown that from a rent of £ 950 a month last May, rents have dropped to £ 795 this February.
It was also reported that since the beginning of the year, the new rental properties coming into the markets were increasing drastically and this caused rental values to decline from mid 2008. Experts say that values may drop further should supply of properties continue to exceed demand. Although there is still a high demand for tenants, it is not enough to keep up with the number of new properties that are coming into the market.
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