A reduced supply of rental property and the increased demand of tenants is starting to see rental prices increase according to the RICS residential lettings survey published today.

Following on from our article in January demand for City Centre apartments remains very strong with void periods now all but non existent and recent University application numbers suggesting a stronger market than ever this summer. "The shortage in supply is being compounded by reluctant landlords selling-up and exiting the market now that house sales are slowly starting to pick-up. We are also finding that unlike recent years there is a shortage of new rental property coming onto the market as the lending criteria is now so tough that there are very few new  landlords entering the field " commented Jonathan Detheridge  from GO Property Services.

Tenants are advised to look early and choose quickly if they see something they really like.

See the full RICS Residential Lettings Survey here

A modest upturn in the property market should bring more investment to Leeds in 2010, says a major consultant.

CB Richard Ellis says that despite low investor confidence at the start of 2009, the highest quarterly deals figure for the last three years was achieved in the last quarter, including the city’s largest transaction for five years, culminating in over £157m of investment.

Jonathan Shires, director of office agency for CBRE Leeds, said “Sentiment is improving across the region as a whole as Yorkshire demonstrates its resilience against the global economic downturn. There was also an emergence of smaller deals as new, start-up companies emerged and existing organisations downsized.

“Whilst the public sector remains a key source of demand in Leeds, it was in fact the business services sector which took the most significant market share, accounting for 29 per cent of all space let in the 78 deals of 2009.”

Read the full article on the Yorkshire Evening Post’s website

After the usual dip in demand for property over the Christmas and New Year period, it is apparent that the demand for rental property is increasing with every week. An exceptionally cold January didn’t stop a 50% increase in viewings year on year. February saw GO Property move in 50% more tenants year on year, with rental levels holding firm and in some instances increasing slightly.

The supply of property in the rental sector appears to have dried up over the past 6 months, which means demand is coming back into line with supply and resulting in stabilising rental levels. These early signs indicate that 2010 could prove to be a far better year for the landlord. There is one thing, however, that we can be sure of - the property market remains volatile and it would be a bold person who said they can predict its development.

The volume of people wanting valuations this year has risen compared to early 2009. This can only be a positive sign that the housing market is beginning to move in the right direction.

Although the First Time Buyer may still need a helping hand with a deposit, the future is improving for them as many lenders are now bringing back products that can be tailored around the customer, making borrowing more affordable.

Read the full article on the RICS website

According to FindaProperty.com’s latest Rental Index, the rental market is dividing in two - the monthly changes in asking rents of flats and houses are starting to differ increasingly.

Nigel Lewis of Findaproperty.com, commented: ‘The consistent demand for flats is largely from those at the lower end of the sales market, who are unable to take that first step onto the property ladder, so continue to rent. While affordability for first-time buyers has improved slightly, the deposit required remains a significant sum and an obstacle for many hoping to move from the rental market.’

He went on to say that, in contrast, ‘many people renting houses have saved a deposit, riding out the recession, and are now buying, as houses have become more affordable and lenders have eased restrictions slightly’.

Andrew Sainsbury, Director at Go Property Services, commented that FindaProporperty.com’s Rental Index reflected the current lettings market in Leeds, with a higher demand currently being seen for flats, which we expect to see continue in the short term.

Click here to view full details of FindaProperty.com's Rental index

Do you dread all the administration involved in moving property? You call the utility companies only to be put on hold for 5 minutes whilst you’re put through to the wrong department. GO Lettings have teamed up with Money Angels to make this process quick and stress free for both tenants and landlords. Money Angels are a one stop shop for registering a new occupier of a property for gas, electric, water, and council tax. They can even set up broadband, home phone and digital TV, and find the cheapest suppliers for each. One short form and they take care of the rest.

Visit the MONEY ANGELS website for more information.

Lettings Agents are required to register all tenant's deposits with the Tenancy Deposit Scheme.  This offers protection to tenants and prevents landlords from using the money however they see fit. There are potential costs to landlords if agents abuse the system.

Read the full article at Estate Agency Today

GO Lettings registers all their tenant’s deposits with The Dispute Service and we currently have no unresolved disputes!

Would you believe that an outdoor toilet can add value to a property?  Apparently if it is well maintained, and partnered by an indoor version, it can make your house more valuable than your neighbour’s…

Could be the next big craze - don't bother with a conservatory or loft conversion, just add an outdoor loo!

Read the full article on The Guardian website

Long term private renting is set to make a comeback among young adults as homeowners are looking to sell up and rent instead.  This information is from a survey by unbiased.co.uk.  The article looks at various scenarios and there are some quite heated comments at the bottom – well worth the read just to see what people think of tenants, landlords, and letting agents!

Just to let you know, GO Lettings is a member of ARLA as well as other governing bodies including The Property Ombudsman and the Tenancy Deposit Scheme.

Read the full article and comments on The Guardian website