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The British rental market saw a ris in Buy to Let Mortgages over the first quarter of 2008, according to new figures.
Figures from the Royal Institution of Chartered Surveyors slows a slump in house sales that has pushed properties back into the lettings market.
The residential lettings survey made for the first three months of the year shows that new instructions to rent property rose to 30%, up from 2% the previous quarter, showing that sellers are being pushed into the market.
Many home owners struggling to sell their properties are also entering the market to take advantage of rising profits and an increase in tenant lettings while they wait for the credit crunch to finish up.
The net balance of surveyors reporting a rise in gross yields has soared to its highest level in the history of the Rics survey and 23% more surveyors reported a rise in gross yields during the first 3 months of 2008, up from 5% the previous quarter.
A new report by the Commons communities and local government committee has been condemed by the Association of Residential Letting Agents for not going far enough in providing support for the private rented sector.
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