According to the Royal Institute of Chartered Surveyors, (RICS), latest Residential Lettings Survey, the UK Private Rented Sector (PRS) experienced sustained growth between February and April 2012, with houses in greater demand than flats.
13% of chartered surveyors reported that PRS rents had increased with tenant demand largely responsible for the growth.
15% of chartered surveyors also reported rises in the numbers of prospective tenants seeking rental properties.
Landlords with Comprehensively Referenced Tenants and Rent Guarantee insurance witnessed an increase in their gross rental yields during the first few months of the year, although the pace has now begun to slow slightly.
Unaffordable mortgage finance, high deposits and stricter lending criteria has also forced many potential home buyers to instead turn to the UK rental market.
PRS rental prices have been rising steadily in the UK since 2009 due to the high demand for suitable rental accommodation available to rent.
An increase in the supply of properties to the rental market has also been cited as a contributing factor of the success of Buy To Let, with 7% of surveyors revealing increases in the numbers of landlords looking to let their properties to private tenants.
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