Search

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.


If you value what this story gives you, please consider supporting the East London Advertiser. Click the link in the yellow box below for details.

Become a supporter

This newspaper has been a central part of community life for many years, through good times and bad, serving as your advocate and trusted source of local information. Our industry is facing testing times, which is why I’m asking for your support. Every single contribution will help us continue to produce award-winning local journalism that makes a measurable difference to our community.

Thank you.

Most Read

Most Read

Latest from the East London Advertiser