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Rental market going strong

Friday, 2 March 2007 12:00 AM

The UK's rental market is going strong with the buy-to-let sector continuing to thrive, estate agents are reporting.

Figures from the National Association of Estate Agents (NAEA) show from October to December 2006 rents continued to rise at an average of 1.5 per cent each month.

This is almost double the rate of rental growth recorded for the same time last year of 0.72 per cent over the same period.

The NAEA explains the rise was likely to be down to interest rate rises being passed on to tenants.

The research also shows there has been an extra demand for rental property due to increased immigration, particularly from Eastern Europe.

Additionally, the market has also benefited from potential first-time buyers staying in rented accommodation for longer as their typical buying age rises.

"The market is looking particularly healthy, aided by rising property prices and increased immigration in 2006," commented Jan Bartlett, lettings expert at the NAEA.

"Interest rate rises are a concern as many landlords may choose to sell and 'cash in' on their investment at the threat of increasing expenses.

"However, I am confident that there is still significant return to be gained from buy to let property and I hope that the initiation of the tenancy deposit protection initiative will not deter investors."

In the last quarter of 2006 the average time taken to let properties saw a small increase on the previous quarter, up from 12 to 13 days, which the NAEA said was due to people reluctant to move home before Christmas.

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