Rising rent due to homes shortage in Oxfordshire

Tenants in Oxfordshire are having to pay higher rents due to a shortage of properties, a study has found.

The Royal Institution of Chartered Surveyors (RICS) said more than a third of agents have seen an increase in rents during the past three months.

It said difficulties in securing a mortgage and large deposits required by lenders are leading to higher numbers of people seeking to rent.

A year ago saw the reverse as over supply pushed rents down.

Andrew Wraight and Anna Derbyshire have been trying to find a place to rent over the past month.

'Make decision'

The pair wanted to move from Oxford to Witney but several properties were snapped up before they could make an offer.

Mr Wraight said: "The one place we did sign up for, we went to view it and while we were there the letting agent said to me 'I don't mean to rush you but you have to make a decision on this now' he said 'there are people in the office wanting to sign up to this'."

RICS South East director, Amanda Gardiner, said: "Existing landlords keen to expand their portfolio may still be struggling to access the necessary finance despite improved market conditions.

"However, there is a danger the lettings market could face increased supply in the coming months.

"The latest RICS Housing Market Survey shows a lack of demand from buyers, but increasing numbers of properties for sale.

"If this trend continues we may see the return of the accidental landlord, and some moderation to the recent rental recovery."