Rental demand rockets 76% in July

The UK letting agent says lease commencements were up by 18% in July 2008 compared to July last year, as thousands of would-be buyers scrap plans to get on the property ladder. Meanwhile, the number of leases commencing January to July 2008 in total is up a huge 41% on the same period in 2007. Compared to a normal year in which rental demand sees seasonal fluctuations, 2008 has seen continuous growth, Your Move says. David Newnes, managing director of Your Move estate agents, comments: “The mortgage famine has pushed a huge number of buyers out of the market- they’re choosing to rent ...