Lettings market is booming, says agency

Jul 5 2008 by Tony McDonough, LDP Business

ONE of Merseyside’s biggest estate agency chains Venmore says peoples’ inability to get mortgages because of the credit crunch means the lettings market is booming.

The firm, which Venmore has its head office in Liverpool and 20 branches across Merseyside, Cheshire and Lancashire, says that in the second quarter of the year it has seen a 25% increase in its lettings business.

Nationally a recent RICS residential lettings survey for the first three months of the year stated that new instructions to let property rose to 29%, up from -2% the previous quarter, indicating that sellers are being pushed into the rental market.

Venmore partner Phil Furlong said: “We have seen a significant increase in demand in the last quarter for lettings.

“And many landlords and home owners are now seeing the advantage of letting properties to cater to that huge demand to rent.

“With rental values going up, landlords are seeing this as a secure alternative market as the house selling market deals with the credit crunch.”

Mr Furlong said the diverse nature of Venmore’s services meant it is equipped to deal with the credit crunch effectively as a business.

“We’re no longer simply an estate agent we have a massive range of services which really helps in the present climate,” he said.

tonymcdonough@dailypost.co.uk