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06th October 2011

Buyers turning to rent due to the state of the housing market

The current state of the housing market is at tipping point. As we approach the remaining quarter of the year the sales market start to decline, this has come with dual with potential buyers thin on the ground. However, it’s not all decline, the rental market is starting to flourish. According to the Royal Institution of Chartered Surveyors, the traditional spring bounce failed to appear and house prices have barely moved. 

RICS housing spokesperson Ian Perry said: “Buyer interest in purchasing property remains flat across much of the country and there is little sign of this changing any time soon. Uncertainty over the economic outlook remains as important as the availability of mortgage finance in depressing demand.With the current state of the housing market so dormant the appetite to rent is becoming ever so more apparent. With the demand to rent increasing, the supply is pushing rents to rise.

This economic trend is seeing a transition of the homeowner to an accidental landlord. For many accidental landlords the motivating factor is primarily the financial solution that could be reaped through renting out their property.  

Not be able to achieve the optimum asking price and with properties staying on the market considerably longer the homeowner with a property to sell and a mortgage will be a worried one. Being able to move in a shorter time period and the income to cover mortgage repayments can put an anxious homeowners mind at rest. In this market many homeowners are opting to let their property out until the economy recovers. 

New to lettings? Getting valuable advice and educated on the rental process is the first step to take. 

Contact Martin & Co Reigate on 01737 300700, lettings is what we do!

Martin & Co are the UK’s number one dedicated letting agent and can provide you with expert information on renting your property out.