Rents in the North West up 7%, says RICS

THE cost of renting a property in the North West has risen by nearly 7% in the last year, as would-be buyers continue to find themselves locked out of the sales market, according to RICS.

Rents are expected to rise a further 5% over the next year, according to the organisation’s residential lettings survey of chartered surveyors across the North West for May to July.

 

In the three months to July, the amount of new properties coming on to the market dropped, with 18% more surveyors reporting falls in new instructions to market.

 

Meanwhile, demand continues to grow in the North West, albeit at a much slower pace than in recent quarters, as 14% more respondents reported rises rather than falls in interest from potential tenants.

Significantly, the increase demand has outpaced the change in supply for a second consecutive month this year.

 

John Halman, of Gascoigne Halman estate agents  and RICS North West spokesperson, said: “Tenant interest is still riding high and so far they have been prepared to meet the higher rents being sought by landlords.

 

“The lack of available mortgage finance and the large deposits required by lenders are barriers which are causing many ‘would-be’ buyers to have no other option, but to continue to rent.”