Landords 'would rather rent out property than buy'

19-Aug-2008

Property owners are increasingly more likely to rent out their homes than move elsewhere, reports suggest.

New research from the Royal Institute of Chartered Surveyors (Rics) shows how tenant demand has risen at its fastest rate since 1998.

This news comes soon after the government announced its 'rent now, buy later scheme', aimed at first-time buyers (FTBs) with earnings under £60,000.

Couples earning under this amount would be able to rent at 80 per cent less than the going rate for two to three years to save up for a deposit.

Senior economist for Rics, David Stubbs, states: "There is a flood of properties coming on to the rental market as people find it harder to sell."

Many landlords are now staying in the housing market with 2.1 per cent selling their properties once rental agreements were terminated.

Today's news could therefore be welcome news for FTBs, potentially giving them more rental potential.

It was announced by the Council of Mortgage Lenders in May that new regulations would be put in place later this year to make property valuations "more transparent" for potential homeowners.


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