Rents rise as more immigrants enter UK: RICS |
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Published
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Thu, 31 Aug 2006 09:50
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LONDON - Increased level of immigration from EU accession countries has pushed the rents ion the UK to its highest level in eight years, according to a survey by the Royal Institution of Chartered Surveyors' (RICS). At least 30 percent more surveyors reported rent rises in the three months ending July, up from the 20 percent in the earlier three-month period.
RICS said this is the biggest rise since the records began in 1998 and four times the long-run average. Surveyors said that influx of EU migrants has put more pressure on an already overflowing rent market.
"Economic prosperity and population migration have increased rental demand, pushing up rents and making conditions better for property investors," said RICS spokesperson Jeremy Leaf. "However, first-time buyers will find it hard to enter the housing market with higher rents making it difficult to save sufficient sums for a deposit."
RICS said surveyors are confident that rents will keep rising in the next quarter as well. Some 28 percent said rents would rise as against 24 percent in the last quarter.
Analysts say that the rent market has remained surprisingly active. "Rental levels achieved are edging ever closer to asking prices," said Richard Cotton, of Cluttons. "Stock levels are still very low compared with demand." The average asking rent in the UK was 787 pounds per month in January.
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