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Landlords see an increase in demand
Landlords across the country are witnessing a large increase in the number of tenants looking for properties. Some areas of the country have seen an increase of up to ten per cent of potential tenants. The more established landlords are in strong positions to let as their property will have a low loan to value with rental amounts that cover the mortgage amounts with ease. Unfortunately in areas that have been over supplied by new apartments in city centres landlords are not feeling any benefit. Many investors, desperate to avoid defaulting on their mortgages, are keeping rents at competitive levels to avoid being pushed out of the market.
According to figures, the stricken buy to let mortgage lender, rental rises are most steep for larger properties, comanding on average £21,000 a year, a rise of 36 per cent on last year. Smaller properties are seeing a rise of around 3 per cent on last years figure.
The Association of Residential Lettings Agents said that their agents are facing a booming market with 40 per cent saying they had more customers than properties. Many first time buyers are unable to get a foot on to the housing ladder and renting is the only way many will be able to live in their own property away from their family. Tenants are staying in their rented homes for longer and properties are being left empty for less time than in the recent past.
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