Landlords hit by fall in tenant demand says National Homebuyers
Buy-to-let property investors may be seeking quick cash for homes after it was revealed that growth in tenant demand has slowed.
[UKPRwire, Fri Dec 28 2007] According to the Lettings Survey from the Royal Institution of Chartered Surveyors (Rics), 20 per cent more chartered surveyors reported a rise rather than a fall in tenant lettings in the fourth quarter of 2007.
However, this is down on the 28.5 per cent figure recorded in the third quarter.
Landlords with flats in particular will be looking to secure quick cash for homes as the survey reveals that only 16.9 per cent more chartered surveyors reported a rise rather than a fall in demand for flats, compared to 36.9 per cent last quarter.
"A combination of the tightening lending criteria and successive interest rate rises has started to hit the buy-to-let market," revealed Jeremy Leaf, Rics spokesman.
"With rents still on the increase many would-be-buyers will find accessing the housing market even more difficult as they struggle to raise the capital for that first important purchase," he continued.
Fast cash for homes property expert Julian King adds, "Landlords expecting to make a profit on their properties will find things increasingly difficult next year.
"Selling their property quick will also be difficult as a lack of buyers lengthens the sales process as prices continue to drop".
Mr King is a director of National Homebuyers, the UK's leading fast property purchase firm, guaranteeing to make an offer on any property in the UK, regardless of its condition or location for vendors who need a quick sale. The company also offers a Sell and Rent Back mortgage rescue scheme for homeowners who want to release equity in their homes.
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