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The August sentiment survey by Royal Institution of Chartered Surveyors (RICS) gauging the mood of agents, showed improvement in the lettings market. Tenant demand has continued to increase and short-term rental growth is expected.
Tenant demand has continued to rise sharply following a large decline during lockdown. A net balance of +49% of agents report an increase in tenant demand in August.
New instructions to let property remain flat, a continuation of the pre-lockdown trend. Supply levels have been constrained since September 2016.
Increased demand and low supply means that agents are expecting rents to rise in the short term. A net balance of +31% of agents expect rental growth over the next 3 months, a similar percentage to pre-lockdown. Source: Dataloft, Royal Institution of Chartered Surveyors
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