Over a third of tenants that recently responded to a Rightmove Survey are expecting rents to rise in 2010. The results from the survey in Q4 of 2009 suggested that just 7% of the 35,000 respondents were expecting rents to fall. Of those expecting an increase, a third thought that prices would rise by over 10%.

The survey reflects the RICS Rental Market Report which found that surveyors expect rental prices will go up in 2010 due to increasing demand and a reversal of the oversupply witnessed over the past year.

The Rightmove Consumer Confidence Survey also found that 58% of people who will rent in 2010 would prefer to buy but cannot afford to – a situation that doesn’t seem likely to change overnight.

Jonathan Detheridge, Managing Director at GO Property Services comments “the last 3 Qtrs of 2009 have seen unprecedented occupancy rates across our rental portfolio with Apartments & Flats being the real winners. In Nottingham City Centre, buy-to-let landlords are starting to enjoy rent increases for the first time in recent history and we think this will continue into 2010. Traditional houses, on the other hand, are still suffering from a degree of over-supply with the many ‘reluctant landlords’ still stuck in the rental market due to selling prices being suppressed”

“We’re predicting that the supply of property for sale will increase in 2010 as a degree of confidence returns to the market. The anticipated election in May could prove a real fillip to the market with Conservative Party plans to scrap HIPS being closely watched by potential sellers.”

Landlords with property to rent should contact GO Lettings today for a free realistic appraisal of the rent they are likely to achieve for their property.

GO Lettings specialises in letting and managing professional property in Nottingham & Leeds. We are members of ARLA & the NAEA and our deposits are administered by TDS.

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