Rental market flooded with unsellable properties

According to data from the Royal Institution of Chartered Surveyors, the rental marker in the UK was flooded in the third quarter as people who couldn’t sell their homes were forced to put their properties up for rent, pushing the rental prices down.

With more and more amateur landlords coming into the rental market is it making much more competitive. With 12 percent of surveyors saying rents fell 12 percent in the third quarter.

With the London and the South East being hit the hardest with 53 percent of surveyors reporting a full in rents. Experts say that this is the first time since July 2002 that the outlook for the rental market is gloomy.

However the demand in rental market in the third quarter stayed high as the banks cut back on lending forcing people who wanted to buy the property to seek rental accommodation instead.

Source: citywire