Rents Falling at Fastest Rate on Record
A glut of unsold houses on the market has driven rents down at the fastest rate on record, according to RICS.New instructions to sell flats and houses had been at record levels in the past few months. However, RICS said many people who cannot sell their homes have decided to let their properties, and this increase in supply has pushed rents down.
The proportion of surveyors reporting lower rents was its highest since 2003.
Difficulties people have had in buying and selling homes have spilled over decisively into the rental market.
With the supply of mortgages, sales and house prices all falling fast, many would-be vendors have decided to let their homes instead of selling them.
"Frustrated vendors are placing their property on the market to let as they have been unable to agree sales due to a lack of demand in the housing market," said RICS.
London has seen the fastest fall in rents, with slump in demand, a consequence of its dependency on the financial sector which has seen a slump in confidence and a rise in unemployment.
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