Tenant demand continues to rise and is now way beyond the long term average according to the latest market snapshot by the Royal Institution of Chartered Surveyors.
The snapshot is a sentiment survey, and the latest released this week shows a net balance of 62 per cent of surveyors reporting increasing tenant demand.
This is in line with figures seen over the past four months, RICS says, but is far beyond the long run average of 19 per cent.
“At the same time, the series on landlord instructions remains very much negative (as it has done in each month since July 2020) returning a net balance of minus 21 per cent” says RICS.
Rents are rising as a result and at the national level, some 55 per cent of respondents to the survey expected rents to rise further in the near future, with growth expected in every region.
In London, rents are now seen rising by approximately two per cent a year - RICS says this marks “a significant turnaround relative to six months ago, when rental projections were in negative territory.”
On the sales side, the market has cooled slightly following the end of the stamp duty holiday. But a continuing lack of supply is keeping the market buoyant.
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