INDUSTRY NEWS
Slow U.K. Housing Market Gives Rental Market A Boost
May 23, 2008
Source:BBC News
London--Lower property sales are increasing the U.K. rental market, according to the London-based Royal Institution of Chartered Surveyors (RICS).
Demand for rental properties grew at its fastest pace since July 2007 due to reduced home sales, BBC News reported Friday.
The result: Higher rents. However, because homes are selling slowly, the number of houses put up for rent also increased, RICS said, which could prompt rents to eventually decline.
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