View more on these topics

Rental demand up 65% year-on-year says Your Move

Rental demand has risen by 65% year on year from August, says online estate agent Your Move.

The website has revealed continuous, strengthening growth in rental demand far beyond normal seasonal fluctuations in 2008.

Your Move says landlords have experienced the strongest demand from tenants in decades as property purchases slide in the face of the ongoing mortgage drought.

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

Your Move says lease commencements were up 12% from July 2008 as thousands of would-be house buyers scrapped plans to get on the property ladder.

The number of leases commencing in January to August 2008 has also risen, increasing by 45% on the same period in 2007.

Newnes adds: “We might expect the huge increases in demand for rental property to have driven up rents. But demand is being met by supply – sellers who won’t accept depressed prices put their homes up for rent instead.

“Tenants are benefiting from unprecedented choice as well as competitive rents.”

Recommended

AMI urges caution over chancellor’s plans

Chris Cummings, director general of the Association of Mortgage Intermediaries has urged the chancellor Alistair Darling to be cautious over his plans for the Banking Reform Bill and increased mortgage regulation.Speaking from the Labour Party conference in Manchester, Cummings, says: “Any call for increased powers of regulation should be met with caution. In the first […]

GEMHL increases rates

GE Money Home Lending has increased its rates across its First National and igroup brands blaming exceptional volatility in global financial markets.

Paragon shuns takeover bid

Buy-to-let specialist Paragon Group last week turned down a £373m takeover bid.

AMPD confident about the future

Andrew Hewitt, managing director of packager Oryen and spokesman for the Alliance of Mortgage Packagers and Distributors says it is well placed to tackle any problems in the financial market. Hewitt says: “The last 12 months have been difficult for the mortgage industry and packagers are not immune from the effects of global economic conditions.“PMPA […]

Newsletter

News and expert analysis straight to your inbox

Sign up