London property sales recover as fewer houses are up for rent
PUBLISHED: 19:00 27 August 2009 | UPDATED: 14:46 05 October 2010
THE trend for reluctant landlords’ appears to be coming to an end as a survey finds a drop in the number of properties being rented out because they couldn’t be sold. The don’t-wannabe’ landlord has been a symptom of the housing market slump, as homeowners turn to the rental to pay their mortgages
THE trend for 'reluctant landlords' appears to be coming to an end as a survey finds a drop in the number of properties being rented out because they couldn't be sold.
The 'don't-wannabe' landlord has been a symptom of the housing market slump, as homeowners desperate to sell turn to the rental market to pay their mortgages.
But research out today by the Association of Residential Letting Agents shows a fall in the number of agencies with properties to rent out.
"Many sellers were left with little option than to rent out," explained the association's Ian Potter.
"But this trend seems to be diminishing, although there is still a huge number of reluctant landlords who need to understand their obligations as landlord to their tenants."
The survey found a drop in agencies with family houses being rented because they can't be sold.
Some 95 per cent of agencies reported this trend last November, when consumer confidence and house prices dipped.
Now, nine months on, the figure is down by 15 per cent, suggesting slow recovery from recession is under way.
The London property markets are showing signs for optimism, says the survey, with the number of family houses rented out decreasing from 72.5 per cent last November to 66 per cent today.
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