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Rental market rises, Rics claims

Homeowners are giving up on trying to sell their properties - and are instead turning them over to the rental market.According to latest figures from the Royal Institution of Chartered Surveyors (Rics), 43 per cent more of its members reported that more people are asking them to help them become landlords from April to June.Over January to March, this figure stood at just 35 per cent.Additionally, surveyors reported a 43 per cent increase in rental demand for homes over the period.James Scott-Lee at Rics explained: "The lettings market is booming with many vendors opting to rent their property while sales in the housing market continue to dry up. Many are willing to 'hold' and await the return of capital appreciation. Becoming a landlord is now an increasingly profitable option with rising rents and yields offering good returns."Established investors have been reaping the benefits of the housing downturn for sometime and will continue to do so in the short term."

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