More opt to rent as credit crunch takes hold
A new study has shown that more and more homeowners in places like London are opting to rent out their properties.
The Royal Institution of Chartered Surveyors (RICS) reported that there was a significant increase in instructions to let property in the first quarter of 2008.
It explained that owners experiencing difficulty selling their properties have instead decided to rent them out and take advantage of rising yields.
The findings suggest that there might have been an increase in the number of houses to rent in London and other areas of the country.
According to RICS, demand for family homes and flats increased during the quarter, as rising house prices stopped many from getting onto the property ladder.
"Some would-be sellers are retreating from selling and letting or re-letting their properties as they wait for mortgage lenders to offer buyers more favourable lending criteria," explained RICS spokesperson James Scott-Lee.
"While transaction numbers in the sales market are weak, many are taking advantage of rising rents and yields in the private lettings sector."
Published 22nd May, 2008
© 2008 Estates IT Limited
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A new study has shown that more and more homeowners in places like London are opting to rent out their properties.