RESIDENTIALlettings


MARKET COMMENT RICS members responding to the survey said:


NORTH EAST W M Wood FRICS, Sale and Partners, Morpeth, Northumberland “Working mainly for rural landowners, where the policy is to retain the residential portfolio, we have seen an increasing diffi culty to maintain rental levels on reletting, particularly for larger houses.”


YORKSHIRE & HUMBERSIDE Steve Dickson, Adair Paxton, Leeds, West Yorkshire “Potential tenants more likely to negotiate on rent, landlords more willing to listen.”


country and a recent upturn seen in prospective buyers of property, an increased number of landlords are looking to sell at the end of a tenancy agreement. Four per cent of landlords chose to place their property on the sales market in the three months to January, a significant increase from the previous quarter’s reading of 2.6 per cent. From a regional perspective, surveyors in


the North of England reported the lowest rental price reading in the country, for the quarter while in London the increase in rents was the most modest since mid-2009. Looking ahead, RICS surveyors expect


growth in rental values to continue to slow. 14 per cent of respondents predicted rises rather than falls in prices, down from +24 per cent in the previous quarter. Michael Newey, RICS spokesperson, said


that while rents have continued to rise, tenants weren’t rushing to pay more. “With many potential first time buyers having been forced into rented accommodation due to problems with obtaining affordable mortgage finance, rental prices have grown quickly across much of the country in recent times. However, it seems that tenants may be becoming less willing to meet increasing rental values. “While still growing, demand from


potential tenants is also beginning to slow. With a recent upturn in buyers entering the sales market prior to the expiry of the stamp duty holiday in March, it seems that those who are in a position to get a foot on the property ladder may have chosen now to do so.”


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NORTH WEST W Roberts FRICS, Thomson & Moulton, Liverpool, Merseyside “The rented market continues to be fairly strong. Demand from tenants remains high for quality properties in good areas. There are however a signifi cant number of reluctant landlords who would sell if there was an improvement in the market. Despite the reasonable tenant demand, Rents remain sensitive and this is refl ected in minimal rental growth.”


EAST MIDLANDS Andrew Bulmer BSc MRICS MARLA, Bulmer Estates Ltd.,West Bridgford, Nottingham “Demand for decent and sound property continues to exceed supply. Tenants are extending instead of moving, resulting in a shortage of properties coming to the market. Very noticeable increase in interest of purchasing more buy-to-let properties from mainly established landlords.”


WEST MIDLANDS James Morgan, John German, Uttoxeter, Staffordshire “We have experienced a high level of large properties coming onto the market because home owners would rather let than sell and make a loss.”


EASTERN David Parish FRICS, Gates Parish & Co., Upminster, Essex “Although rents have increased in the last few months there are now signs that the market is levelling off. Properties are not letting where landlords are seeking


unrealistic rents. New instructions have dropped slightly.”


SOUTH WEST David Lambley MRICS, Longdown Management Ltd, Southampton, “Hampshire Landlord clients have sold ‘older’ style properties with a view to reducing maintenance costs and re-invested in newer properties. Tenants are now struggling with paying higher rents as they are being squeezed by other costs i.e. energy, fuel, food and salary increases are not occurring.”


SOUTH EAST John Frost MRICS MARLA, The Frost Partnership, 01494 680909, Beaconsfi eld, Buckinghamshire “Strong level of enquiries from tenants and limited available stock. However there has been a trend by tenants to look around more before making an offer.”


LONDON Jeremy Leaf FRICS, Jeremy Leaf & Co., North Finchley, London “Continuing demand especially from fi rst time buyers still fi nding it diffi cult to obtain mortgage fi nance is creating shortages of 1 and 2 bed fl ats as well as higher rents. Buy to let investors are outbidding buyers on the bottom rungs of the property ladder despite more interest from fi rst time buyers prompted by the imminent end of the stamp duty holiday.”


WALES Jaclyn Griffi ths, Beresford Adams Lettings, Prestatyn, Denbighshire “We have an increasing number of social funded tenants actively seeking private rented accommodation.”


SCOTLAND John Gell MRICS, Simply Let, Inverness, Highlands “The usual January rush of tenant enquiries didn’t materialise this year but tenant demand picked up in February. Similarly new instructions have been slack. There are indications now however of some new buy-to-let activity and I believe that 2012 will see some resurgence of this as mortgage fi nance is more readily available. Tenants also staying longer.”


PROPERTYdrum APRIL 2012 51


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