Tenant demand for flats is falling due to an oversupply in the marketplace, according to the Royal Institute of Chartered Surveyors (RICS).
However, rents have remained stable as many would-be buyers defer buying because of uncertainty in the housing market. The latest RICS Letting Survey reveals 20% more chartered surveyors reported a rise than a fall in tenant lettings this quarter after reaching 28.5% in the last quarter. Demand for flats appears to be waning, with 16.9% of surveyors reporting a rise in the demand for flats, compared with 36.9% in the previous quarter. Demand for houses grew in the same period, with 25.2% more surveyors reporting a rise than a fall in tenant demand. The report also says there is evide...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
