The Findaproperty rental index has been released showing a demand shift away from houses and towards flats.
The increased demand for flats indicates that first-time buyers continue to be forced out of the sales market and therefore look to rent the cheapest options whilst gathering deposit funds to purchase their first property.
My tip for youngsters would be to cut out their daily cappucinos from Starbucks and start buying their jeans from Tesco at £3 a pop. Before they know it they would have enough money to put down on one of the Canary Wharf flats up for sale at the supposed 'Galliard Homes fire sale'.
The key points from the Findaproperty Rental Index are -
- Flats not houses in demand as tenants choose cheaper properties
- Flat rental prices rose by 0.4 per cent while house rental values fell by 2.9 per cent
- Average rents are now £804pcm, with rents for flats £752pcm and houses £829pcm
- Flat rents are 2.2 per cent lower than a year ago, whilst houses are 5.1 per cent below 2009
- Demand for flats grows as first-time buyers continue to be priced out of sales market
Landlord Insurance at Special Rates with Alan Boswell
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