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Rental falls slow as supply starts to dwindle

Demand for property is still increasing, albeit at a slower pace, with 12% more Chartered Surveyors reporting a rise rather than a fall in the number of people looking to rent, slightly lower than the 16% recorded in the February to April report.

The outlook for rents is steadily improving offering some encouragement for landlords, with the rental expectations net balance reaching -6%, up from the previous reading of -25% and offering the best reading since the spring of 2008. 

RICS Spokesperson Jeremy Leaf said: "The number of properties coming onto the rental market has slowed as the sales market has begun to stabilise.

"This is good news for landlords, who were coming under pressure to reduce rents as a result of oversupply. The need to respond in this way is easing and providing the housing market holds firm, the outlook for the rental market should continue to improve."   

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