The cost of renting a property in the UK is predicted to rise as demand increases.

According to housing market expert Mark Garner, a lack of housing supply will mean that demand on the available homes is set to continue increasing.

"Demand will keep on increasing and unfortunately supply is lagging behind it, so the pressure on rents will go up and [therefore] rents will go up over time, definitely," the managing director at LettingZone stated.

However, he added that many landlords will stick to a price similar to the one they are currently charging as they will be keen to keep hold of the tenants they currently have.

Mr Garner concluded that he believes the market is set to quieten down, which will in turn have an impact on lettings.

A recent report from Countrywide showed that the number of people looking for rented accommodation rose by 16 per cent in the second quarter of the year when compared with the first.

Written by Graeme Pieterson

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