Tenant demand 'is still rising'
Industry experts have confirmed that demand for rental Properties in London and elsewhere is increasing, but cautioned people planning on letting their homes privately.
John Heron, managing director of Paragon Mortgages, was commenting after a study from the Royal Institution of Chartered Surveyors (RICS) showed that more people were opting to rent out their Properties in London until the housing market improved.
Mr Heron confirmed that "tenant demand is currently rising rapidly" and explained this was partly down to the fact first-time buyers were facing a "struggle to get loans for house purchase".
However, he warned: "Casual landlords need to ensure that they do their sums properly, account for all costs and know the laws and legislation around renting property.
"This is actually a case of history repeating itself. The greatest driver of the private rented sector in recent times was homeowners deciding to let their properties during the downturn in the early 90s."
Figures from Experian released earlier this year showed that 48 per cent of non-homeowners never intended to buy, with most planning on renting in London and other cities for the rest of their lives.
Published 23rd May, 2008
© 2008 Estates IT Limited
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Industry experts have confirmed that demand for rental properties in London and elsewhere is increasing, but cautioned people planning on letting their homes privately.