Would-be sellers who have become frustrated with the current market have decided that now is the time to rent out their home, moving themselves into rented accommodation in a bid to “move on”, says independent letting specialist, Leaders.
The trend to ‘let and rent’ is often a better financial option for sellers unable to continue up the property ladder, Regional Director of Leaders, Allison Thompson, explains:
“It is not surprising that people are attracted to the lettings market which is currently very strong. Average rents across the UK have risen for five months, and in the South East specifically they rose 0.46 per cent in the last month alone, taking the average rent here to £818 per month.
We are seeing exceptionally high demand for all types of property in all the areas we cover — from studio flats to large family houses — with available properties letting very quickly and many tenants wanting to extend their tenancies indefinitely. This makes letting an appealing option for the foreseeable future as it allows homeowners to wait until the sales market improves whilst at the same time moving on with their lives.”
Letting your home may seem like a perfect solution but, for many home owners, the decision should not be taken lightly and without seeking advice and Allison says:
“Not only are there around 50 Acts of Parliament and 70 separate sets of regulation relating to letting, there are also a number of practical issues you should be aware of, such as the fact that you need to obtain your mortgage lender’s ‘consent to let’. Letting your home without informing them is in breach of your mortgage contract. Also, standard home insurance policies will not adequately cover rented property so you will need switch to a specialist landlord insurance policy”.
With the ‘let to rent’ looking likely to continue for the foreseeable future Allison comments further:
“With letting such a viable option, there is no need for people to put their lives on hold any longer. We will be happy to give free, impartial advice to anyone wanting to rent out their home or become a landlord for the first time.”
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