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Rents Fall as Supply of Buy-To-Let Property Exceeds Demand

LONDON-The residential market starts to feel downward pressure as the buy-to-let boom draws to a close.

By Charlie Jacoby | Updated on June 12, 2002

LONDON-Rents are falling in the lettings market for the first-time in more than two years. The latest report from the Royal Institution of Chartered Surveyors which covers activity all over the country, shows rental levels have fallen steadily since their peak in October 2000 which, combined with recent increases in property prices, have pushed down gross yields for landlords for the sixth consecutive quarter.

Activity remained relatively unchanged overall but for the next quarter, only around 8% of chartered surveyors expect rents to rise which confirms the rather depressed nature of the market at present. Gross yields are expected to stay under pressure as residential property prices continue to rise.

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