Rental market ‘is buoyant’, Rics research shows

People renting out properties after going through the residential conveyancing process may find they have a good source of income after research revealed the lettings market is buoyant.

According to the Rics Residential Lettings Survey, 26 per cent more chartered surveyors reported a rise in demand for property than a fall during the second quarter of 2010, with demand particularly high in the east of England and London.

Meanwhile, 27 per cent more surveyors also reported an increase in rental rates than a fall.

Problems in securing mortgage finance, worries about another recession and an inability to save up large deposits were cited as the main reasons for people seeking to rent rather than buy by Rics spokesperson James Scott-Lee.

Anyone looking to go through the residential conveyancing process for a buy-to-let property may also be interested to find that 33 per cent more surveyors expect rents to increase next quarter than forecast that they will fall.

In February, the Office of Fair Trading warned landlords that they should not be charged renewal fees by letting agents when tenants stay on in a property and said they may wish to contact their solicitors if they have been.