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Shortage of homes for sale boosted lettings market in Q1

The lettings market saw a sharp upturn in Q1 2010 as a shortage of homes pushed rents higher.

The Royal Institution of Chartered Surveyors says 30% more of its members reported a rise rather than a fall in rents in the three months to April, up from a net balance of zero for the previous three months and an all-time low of 58% reporting falls in April last year.

Some 12% more surveyors reported a fall rather than a rise in the number of new landlord instructions in Q1.

A spokesman for RICS says that with sellers returning to the market lettings supply has fallen.

He says: “This is good news for landlords because rents are likely to move higher in the coming months and yield returns are also likely to improve.

“The news that buy-to-let specialists are beginning to lend again may also encourage investors to return to the market.”


Repossessed properties now shift twice as fast as regular sales

The length of time it takes to sell a repossessed property has fallen, with the time to exchange now running at less than half that for standard property sales. Data from Spicerhaart Corporate Sales for the year to the end of April shows that repossessed properties take an average of 21 days to exchange from […]

Woolwich cuts offset mortgage rate

To mark its tenth anniversary of offset, Woolwich mortgages is cutting the rate of its current offset deal by 40 basis points from 3.49% (base + 2.99) to 3.09% – base + 2.59.

Broker credit blips are irrelevant to the way they do the job

AMI’s warning that minor credit blips could lead to brokers not gaining approval signals one more way the intermediary market is being diminished. Having just been through the worst recession in my lifetime I have to ask – why should brokers be treated differently from any other industry with regard to their personal finances? Would […]


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