The Royal Institution of Chartered Surveyors has reported the fastest increase in residential lettings since 1978 as the property market continues to feel the effects of the credit crunch.

The results of the latest RCIS survey show that 43% more chartered surveyors reported seeing a rise in the number of new landlord instructions than those who saw a fall.

Sales of residential properties have continued to struggle as the number of mortgage approvals continue to decline and potential buyers show a wariness to proceed as mixed messages come from the government on a possible stamp duty holiday.

This has resulted in landlords and investors receiving a welcome boost in the face of a declining market. Landlords and potential sellers are becoming more reluctant to sell their properties as they await future capital appreciation.

However, there are early indications that the eagerness of landlords to capitalise on the current boom in lettings will result in an oversupply of rental properties, and there are signs that the average rent is decreasing.

At Rowlands we are aware of the pitfalls of letting property and we advise landlords and estate agents in respect of:

• Drafting tenancy agreements.
• Possession proceedings.
• Debt recovery matters.