Demand for rented accommodation boomed over the past year, according to lettings agent Your Move.
Rental demand in January 2009 is up 56.4% on the same period of 2008 despite a 7.6% month-on-month slowdown in the number of people signing up to new leases.
David Newnes, managing director of Your Move, says rental demand was a 'diamond in the rough' in 2008, with house prices falling and mortgages becoming increasingly difficult to obtain.
He added: "But January 2009 saw something different. Although people are still choosing to rent while they wait for property prices to finally bottom out, the number of mortgage approvals has increased.
"The slight dip in demand for lettings, and the up-tick in mortgage approvals seem to suggest that now most of the banks are owned by the Government, they have been forced to start lending again. I think a lot of Government pressure is being applied to lenders to start offering some decent mortgages - rental demand has suffered as a result."Mortgage Solutions
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