18 Dec

Oversupply hitting rental demand for flats

Oversupply hitting rental demand for flats

An oversupply of flats in the UK housing market has hit demand for the properties, it has been claimed.

According to figures from the Royal Institution of Chartered Surveyors (Rics), demand for flats has dipped in the three months to October.

This was born out, Rics said, by the fact that the number of surveyors who reported a rise in demand among those seeking flats for rent dipped to 17 per cent.

During the previous quarter the figure stood at 27 per cent.
The knock-on effect of this is that in line with falling demand, rental yields on flats fell for the fifth consecutive quarter.

News of the findings comes as the National Housing Federation (NHF) called for fewer flats and more family-sized homes to be built to address the paucity of housing available for families.

The NHL claims that in the third quarter flats accounted for 51 per cent of housing under development in the UK.

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