Rentals on the up as 43% more vendors become landlords
As prices dwindle and the market stagnates, increasing numbers of vendors are turning to the rental market in the hope of riding out what they hope is a temporary blip in the property market. In a report by the RICS (Royal Institute of Chartered Surveyors), 43% more members reported seeing an increase in vendors turning to rental.
It's unsurprising stuff - yesterday, the Evening Standard reported that in some boroughs, prices dropped by an average of £20,000 in a month and rental income is currently on the up (set to increase from around 6% to 8% of the property value per annum.
But what does all of this mean for the figures we can expect to see over the coming months. Well don't believe everything you read - take figures on the availability of property and time on the market with a pinch of salt. The numbers may offer some light at the end of the tunnel come the autumn, but don't drop your shoulders, there are darker times ahead.
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