Social lettings have reached their highest levels since the Royal Institute of Chartered Surveyors (RICS) began its quarterly lettings market analysis in 1999. Social lettings are now at their highest level at 13% of all new lets in the three months to July; up from 8% in the last quarter, the RICS survey showed. However, lettings to private renters continue to make up the majority of lettings, at 66%, RICS said. It said that the challenging economic environment is leading to more tenants relying on assistance from the government. The latest quarterly survey shows new tenant demand again outpaced supply of rental property in the three months to July, as many continued to turn to the lettings sector, after struggling to find mortgage finance, or first-time buyers unable to meet lenders’ deposit requirements. As a result of this, rents continued to increase. Read more on the RICS website.
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