In the last year, property rentals in the UK have increased by almost 50 per cent according to the second largest lettings agent Your Move.
Their figures show that the number of leases commencing in September rose 4.34% from the previous month, and rose 45% in the nine months previous compared with the same period the year before.
Tighter lending conditions and the fall in property valuations have been cited as major reasons why buyers have been deterred from entering onto the property ladder and have looked at renting.
Your Move’s David Newnes said: “As banks put a stopper in the bottle of mortgage finance, potential buyers have to stay in rented homes for longer than they have in the past.
“The lettings market is thriving across the UK – we are seeing the strongest tenant demand we’ve ever had, far beyond normal seasonal fluctuations.”
