17th May 2010
“After a slow start to the year, we saw a clear indication of rent rising in certain house types last month,” commented Scott Mellors, FRICS, Senior Partner of John German in Loughborough.
“The over supply that all letting agents had 12 months ago following the dire sales market in 2008 has now worked through and in some areas demand is stronger than availability.”
“In each of our main East Midlands locations 3 and 4 bedroomed houses are in relative short supply as tenants are remaining in their properties for longer.”
“This has already forced rents to rise and they are now back to the levels they were eighteen months ago”, said Scott.
“I can see that we are likely to now get greater differentials emerging between the well supplied 1 and 2 bedroomed accommodation and the larger properties more suited to families.”
“For a while now investors have been unconvinced about satisfactory returns slightly higher up the market but this could start to change”, concluded Scott.
For further advice on residential property matters contact Scott Mellors personally on scott.mellors@johngerman.co.uk or call John German Chartered Surveyors and Estate Agents on 01509 239121.
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