Your Move: Demand for rented property is booming

Date:Monday 22nd September 2008

The rental market is experiencing a boom, according to lettings agent Your Move.

Demand within the sector rose by 65 per cent in the year to August, data released by the organisation, including Bank of England figures, showed.

Landlords are now experiencing the most demand for decades.

David Newnes, managing director of Your Move, explained: "Mortgages are hard to come by and would-be buyers are flooding the rental sector."

He noted that people who cannot afford to buy have no choice but to rent.

In addition, sellers who will not accept low prices rent their houses out instead of selling them, meaning supply is meeting the demand.

But elsewhere, the Guardian reports that the loss of thousands of Lehman jobs in London and the Home Counties will impact severely on the corporate rental market.

Job losses will mean the termination of tenancies in hundreds of places in areas such as the City, Docklands and Notting Hill, according to the paper.