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Buy-to-let mortgage holders alerted to rising rental demand
Fri, 02 Mar 2007
Demand for rental properties is increasing, new figures indicate, in news that could encourage many buy-to-let mortgage holders to increase their property portfolios.

Research from the Royal Institution of Chartered Surveyors indicates that 30 per cent more chartered surveyors saw a rise in tenant lettings in the fourth quarter of 2006, as opposed to a fall.

By way of comparison, the figure in October 2006 stood at 21 per cent.

And the institution points out that demand has been particularly intense with regards to houses for rent, alerting buy-to-let mortgage holders that this appears to be the main growth sector at the moment.

Meanwhile, Jeremy Leaf, Rics' spokesman, explained that many prospective first-time buyers were being forced to switch their attentions to rental properties because of the current economic climate.

"With house prices still rising, the rental market will remain a 'property purgatory' for many would-be buyers unless accessibility and affordability conditions improve significantly," he said.

Yesterday, financial services specialist Nationwide published its latest house price report.

According to its statistics, the average cost of a property rose by 10.2 per cent in the last 12 months, in news that may be of concern to first-time buyers yet to take their first steps on the property ladder.

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