Rental market is growing
April 25, 2007 by admin
Filed under News, News-Mortgages
The demand for rented accommodation in the UK is reaching record levels.
That is according to Paragon Mortgages, which carried out research and found that a huge majority of landlords are seeing demand for their properties grow.
In total, 92 per cent of respondents say that demand is stable, growing or booming and Paragon claims that this is the second highest level on record.
The mortgage provider says that these results point to a changing housing market with people opting to rent instead of buy due to its affordability and flexibility.
In addition to these figures, Paragon also discovered that landlords’ properties are now empty for less time than previous years, with the average property being without a tenant for just 2.96 weeks per year – a fall of two per cent compared to the last quarter.
“We have been running this survey for five years and have seen a very strong trend of growing tenant demand throughout this period,” commented John Heron, director of Paragon Mortgages.
“But recently, in both our own research and that of others, we’ve seen demand for private rented accommodation hit new peaks.
“Demographic influences that underpin the private rented sector are all continuing to rise, which bodes well for continued healthy growth of the buy-to-let sector,” he added.
If you are interested in buying a property and then renting it out make sure that you shop around for the mortgage that best suits your needs.
