Rental demand 'set to soar'

New figures revealed by the Royal Institution of Chartered Surveyors indicate that UK landlords are likely to see rental expectations increase as the supply of new properties falls for the second quarter.

In light of these new statistics, journalist Tina Clough spoke to Belvoir Sheffield, the leading letting agent in Sheffield, to find out how this sudden demand is affecting them.

The survey found that 23 per-cent of chartered surveyors reported a fall rather than a rise in the number of new landlord instructions for this period, up from 18 per-cent in the previous quarter, indicating that tenant demand could increase to unprecedented levels.

Rick Flay, Director at Belvoir Sheffield, who offer a wide range of property to rent in Sheffield, said, “Here at Belvoir Sheffield we are seeing proof that tenant demand is certainly increasing, to the point where we are seeking out new properties in Sheffield and the surrounding areas.

“We are urgently looking for one and two bedroom flats in Sheffield, along with one and two bed terraced houses in the S1, S2, S3, S7, S8, S10 and S11 postcodes, after a significant increase in tenant enquiries.”

With critics pinpointing the sudden upturn in the housing market as a large factor, many accidental landlords have been tempted away from the lettings market.

First time buyers unable to get a foot on the property ladder are still a major source of increasing demand for good rental properties, with houses remaining more popular than flats, causing a supply/demand imbalance which is also helping to increase rental expectations.

Rick added, “We are encouraging both seasoned and first time landlords to come to us with their properties and we will provide them with a tailored service to suit their individual requirements.

Whether you require expert help on capital gains tax, portfolio management, asset protection or pensions, Belvoir Sheffield can certainly help you.”

Belvoir Lettings Sheffield are the One Stop Specialists for Lettings including Property Management, Tenant Find, Investment and Wealth Management Advice, Fit-outs and Renovations, Furniture Packs and Investment Property Insurances

For more information, visit belvoirlettings.com/sheffield.