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Surveyors report high rental instructions
A research company has reported the rise in interest of investors in renting out their second homes. It has reported a rise in the number of owners who are perhaps unable to sell their homes and are resorting to keeping their investments a while longer in the hope of a recovery in property prices.
There are around 240,000 second home owners in England, current statistics suggest that almost one in four are looking at selling their current second home, a situation that could further fuel the current drop in property prices. Many home owners are finding it almost impossible to find buyers and are now looking at renting their property out with a report recently released from the Royal Institute of Chartered Surveyors pointing out the fact that they have seen a sharp rise in new instructions for renting out second homes with the southwest of the UK showing the highest rise.
The rise in rentals points to investors losing faith in selling their homes for anything like the profit they would like to make and as the average house price is said to be dropping at the fastest rate since 1991 many are taking advantage of the decrease in Capital Gains tax due which has reduced from a minimum of 24% for a higher rate taxpayer to just 18% in April.
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