Growth in demand outstripping supply of residential lettings in East of England
PUBLISHED: 05:30 09 August 2018 | UPDATED: 11:04 09 August 2018
The number of properties for rent coming on to the market in the East of England has seen a marked drop, according to new figures.
The Royal Institution of Chartered Surveyors (RICS) residential market survey for July found 27% more respondents had seen a fall rather than a rise in new instructions from landlords.
It is the second consecutive quarter in which this indicator has fallen into negative territory.
RICS said the pattern could reflect a shift in the buy-to-let market in the wake of recent tax changes.
Despite the lack of supply, demand among tenants in the East of England remains steady, with 6% more agents reporting a rise rather than a drop in enquiries.
Demand from new buyers was also strong, with 32% more respondents seeing an increase.
The imbalance in the rental sector could lead to rent rises – a net balance of 36% of those surveyed anticipate an increase in rents in the East over the next three months.