What will 2013 hold?
People are generally renting, of that there is no doubt. Lack of available mortgage finance and general uncertainly means that the supply of first time buyers is at an all time low. The bottom rung of the ladder is missing, so the whole sales market has slowed drastically.
Many people are being forced into renting and this is showing itself across the board, from small flats to big houses. Lots of property owners too are coming to us, having been unable to sell their properties and are having no option but to rent them out.
It is unlikely available mortgage finance will ever return to it's previous (foolish) levels. Only when a bit more optimism returns to the economic markets will people gradually start to feel confident about buying again.
We see 2013 therefore as another very strong year for renting. Asking rents have gone up in certain areas this year and next year will be no different-good for landlords, not so good for tenants.
Whatever your circumstances, good luck with it, and if we can offer you any advice whatsoever, don't hesitate to get in touch....