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02/12/2009
Residential property law demand may rise as rent rise tipped |
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Demand for residential property lawyers may be set to rise as the Royal Institution of Chartered Surveyors (Rics) has predicted that rents will increase.
According to the latest Rics lettings survey, only four per cent more agents saw rental prices fall than rise last month, the least negative reading since July 2008.
Rics said this was a likely indication that the average rental price will soon start increasing across the country, with such a trend already being seen in London.
According to the body, the main reason for the changing situation is the improvement in the property sector, with homes that were put up for rent by those unable to sell now back on the market.
Spokesman Jeremy Leaf observed that as a result of this changing situation, "tenants no longer have as strong a bargaining power as they did", a consideration that may attract more landlords into the rental market.
Earlier this week, a survey of wealthy investors by Barclays Wealth and the Economist Intelligence Unit found that 35 per cent of such people were looking at expanding their property portfolios in the next two years, compared with 17 per cent planning to downsize.
Written by Anthony Dyson
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