Sales Topped By Rental Market

Landlords are told to not be greedy in the realisation that the housing market has seen far less progress and movement than its rental counterpart.

The director of Douglas & Gordon, Ed Mead, stated that as a result of increasing demand for rental property, and the slowing of movement in the buying sector, rental houses are now seen as the ‘new property market’.

The expert explained, saying "rental really is where the growth and the action is, and sales appear to be on a slight downward trend at the moment.”

Nevertheless, his comments did not come without a warning, with Mr Mead offering caution to those who may be quick to buy to let, or landlords who may be tempted to increase their rents.

He stated that "a one-month void over a year equals an eight per cent reduction in your rent, so you are much better off keeping your tenant there and agreeing a reasonable increase rather than being greedy and going for an exceptional increase which you may or may not get, but could be looking at a month or two's void.”

These comments come following revelations by a study conducted by the Department for Communities and Local Government that suggested a proportion of homeowners in the UK are ‘accidental’ landlords.

Findings in the Private Landlord Survey showed that 78% of landlords last year owned on one property for rent, with only 8% stating it as their full time occupation.

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