More homeowners renting out property

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The Royal Institution of Chartered Surveyors (RICS) said instructions to let properties increased at their fastest pace since its survey began during the three months to July.

Overall 43% more chartered surveyors reported seeing a rise in the number of new landlord instructions than those who saw a fall, up from 30% during the previous quarter.

The group attributed the jump to frustrated sellers opting to become landlords after being unable to sell their home in the current market.

It added that the credit crunch and housing market downturn had also boosted demanded for rented property as people either delayed buying somewhere or were unable to obtain the mortgage they needed to do so.

Tenant demand rose at its fastest rate since 1998, with 37% more chartered surveyors reporting an increase in lettings than those who saw a fall, up from 30% during the previous quarter.

The group said demand for family homes was particularly strong, with 43% more surveyors reporting an increase in the number of house lettings than those who saw a fall, compared with 34% more who reported a jump in demand for flats.

Rents continued to rise during the three months, and this combined with falling house prices, helped to boost the yields buy-to-let investors made on their properties.

As a result of rising yields, increasing numbers of landlords are opting to stay in the market, with just 2.1% selling their properties when rental agreements ended, the lowest level since records began in 2003.

But despite the strong level of demand for rented property, chartered surveyors expect rents to fall slightly during the coming quarter, pushed down by oversupply in the sector.