Tenant demand down in West Midlands, says RICS
Demand in the West Midlands letting market has slowed down, according to the latest survey from the Royal Institution of Chartered Surveyors (RICS). Just two per cent more chartered surveyors reported a rise rather than a fall in tenant demand, said the Residential Lettings Survey.
This was a significant decrease on the previous quarter, when 25 per cent more chartered surveyors recorded a rise.
Nationally, 26 per cent more chartered surveyors reported a rise in demand this quarter.
Despite the lettings market being buoyant across much of the UK, demand in the West Midlands has “slowed somewhat” according to the report, as the number of properties coming up for rent increases.
However, landlords do not appear to be in any rush to dispose of their property - a net balance of just 2.7 per cent of West Midlands landlords said they intended to sell their properties at the end of a tenancy agreement.
Richard Franklin, Edward Gallimore and RICS West Midlands spokesman, said: “There is some danger that the lettings market could face a considerable increase in supply over the coming months. The latest RICS Housing Market Survey shows a lack of demand from buyers coupled with increasing numbers of properties for sale.
"If this trend continues we may see accidental landlords holding stock longer and others joining their ranks and some moderation to the recent rental recovery.”
