Landlords predict growing demand
July 1, 2008 on 10:34 am | In News |A leading survey of landlords has shown that over half are confident that demand for rental properties will increase.
Paragon Mortgages’ trends report found that 54 per cent of the 200 questioned believe tenant demand will continue to grow over the next year, as difficulties in securing a mortgage force many people to rent rather than buy.
MoneyExpert.com, 30 June 08
Managing director John Heron said potential buyers are “uneasy about the current market”, adding: “Combined with strong demand from students, immigrants and people that choose to rent as a lifestyle choice, this is putting an increased strain on the private rented sector’s stock.”
Only five per cent of landlords surveyed predicted a decline in demand over the next 12 months.
Bank of England governor Mervyn King this week said that activity in the housing market would slow down, though he could not predict how long it would be before a recovery sets in.
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There’s strong evidence on the ground in London that people are renting and also staying put in rented accomodation rather than move on and into owner occupation. Especially true in cheaper flats to rent in prime areas of London.
It’s still uncertain how many of these tenants staying put are doing so because they are unsure of the sales market - or more worryingly for the London lettings market, that they are concerned about job security and wish to remain on periodic tenancies where their get out clauses are likely to be more flexible to the tenant.
Barry
http://www.chard.co.uk
Comment by barry — 2/7/2008 #