Rics: Buy-to-let market grows

11 September 2007
A new report by the Royal Institution of Chartered Surveyors (Rics) has revealed that the buy-to-let market grew significantly during the second quarter of the year.

Research by the organisation found that 29 per cent more chartered surveyors recorded a rise rather than a fall in tenant lettings, compared with 15 per cent during the previous quarter.

Additionally, new landlord instructions also increased, with 20 per cent more of the organisation's members reporting a rise in activity during the quarter.

Spokesperson for Rics Jeremy Leaf, said: "Current economic uncertainty has created an ideal platform for buy-to-let investors to cash in on rising rental levels."

Significantly, the recent interest rate rises have prompted many potential property buyers to "wait and see" before purchasing a home, Mr Leaf said, which may have boosted tenant demand.

Last week, the Bank of England's monetary policy committee chose to freeze the base rate of interest at 5.75 per cent.

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