There is a certain degree of buoyancy in the UK rental market at the moment and this is set to continue for the foreseeable future, one expert has predicted.

Daniel Cox, sales director at WMP Group, said there is a great deal of attractiveness in the lettings market for potential investors at the moment.

His comments follow the publication of a report by the Royal Institution of Chartered Surveyors, which showed that 19 per cent more surveyors reported that rents rose rather than fell in the three months to October 2011.

The data highlighted that the supply of rental property to the market remains unable to keep up with tenant demand, though new landlord instructions did increase in the three-month period to October, rising to a net balance of plus ten per cent.

This represents the fastest pace of rising instructions since the three months to April 2009 and is good news for some, noted Mr Cox.

He explained: "There is definitely a shortage of properties and more tenants available and, as long as the properties are there, there is a lot of opportunity. The lending criteria is still pretty stringent at the moment, so it is quite difficult to get a mortgage."

The expert pointed out that even people earning a reasonable wage of around £25,000 to £30,000 a year are still going to struggle to get a mortgage, which is why renting is the way to go at the moment.

Source: www.zoopla.co.uk

Brought to you by: McLean Property Services - Nottingham Lettings Agency