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18/11/2008
Supply surplus sees rent price 'drop' |
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According to the Rics, surveyors reporting new instructions to let properties such as flats and houses are at record levels and the increase in supply has pushed prices down, with London and the south-east the hardest hit.
With sales in the housing market falling, the Rics spokesperson James Scott-Lee said the lettings sector has boomed this year.
This has caused many vendors to become "amateur" landlords, creating an "inevitable downward pressure on rents".
With so many amateur landlords in the market, it could be seen as crucial that they do not fall foul of legislation.
Earlier this month, the Rics said the average number of transactions per surveyor fell again in October from 11.5 to 10.9.
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