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Rental prices 'definitely on the way up'

Tuesday, 23 November 2010 5:16 PM

The average price of renting a home in Britain is "definitely" set to increase in the short term and could continually rise over the next two years, LettingZone has said.

Mark Garner, founder and director of the group, said that many tenants are choosing to stay in their existing homes in a bid to save money. As a result, fewer properties are coming onto the market.

"Rents are definitely on the way up purely because of the lack of supply. There are no new properties coming on the market, so supply and demand [means] rent prices will go up. They won't race away, but they will go up a few per cent definitely," he added.

Mr Garner's comments follow a Rightmove report, which found that 41.7 per cent of British tenants expect rental prices to rise further in the coming year.

The expert went on to say that changes to local housing allowance in 2011 could result in further rental price increases, due to the intensifying "pressure" placed on the private rented sector.
 

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