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Rents go skywards as demand rises

Tenants are experiencing the fastest-rising rents in three years, industry data has shown.

Restrictive mortgage lending is fuelling demand for rented property, as large numbers of first-time buyers continue to be refused loans to buy a house.

The Royal Institution of Chartered Surveyors said 39 per cent more surveyors reported rent increases in the third quarter of the year, the biggest proportion since the second quarter of 2007, while 33 per cent of surveyors reported rising demand.

But the number of new properties that were available to let fell for the fifth consecutive quarter as landlords themselves struggled to get mortgages to expand their buy-to-let portfolios.

Surveyors said the mismatch between supply and demand had led to properties being let quickly, with landlords reporting few void periods.

The situation looks set to continue, with 34 per cent of surveyors predicting further rent rises.

Rent levels for houses are expected to increase quicker than those for flats.

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