THE property lettings market is booming in Aldershot, according to local estate agent Paul Bourke.

Rising house prices have dramatically increased the demand for homes to rent, with fewer people being able to afford to buy a property.

"We have 135 people on our books just looking for somewhere to rent," said Paul, whose office is at 117, High Street, Aldershot.

"This week alone, we have already let two properties, and only have another one on our books, which should go in the next day or two. The demand for property to rent is staggering."

The recession in the late 1980's led many mortgage lenders to offer ‘Buy to Let' mortgages, where previously they were reluctant to offer home loans to people seeking to rent out their property.

Paul explains: "The willingness of banks to offer more buy-to-let mortgages has made the process of buying investment properties simpler.

"There has been a sharp rise in the number of ordinary people buying investment properties with a view to letting them out."

Prospective landlords are cashing in on low interest rates, which has also had an impact on the demand for property to buy.

Paul has 63 people on his books looking to buy a home, with only eight properties available.

"Aldershot's good road and rail links and booming business in this region have all contributed to this high demand for property," Paul said.

"This has, of course, led to a rise in rent prices- a few years ago, you could rent a one-bedroom flat in Aldershot for £475 per month. Now, £550 is more like the going rate."

Bourkes' is on 01252 316111.