Reluctant landlords driving rental prices down
Such is the state of the housing market that the lack of sales is now affecting rental prices.
According to the latest figures from the Royal Institution of Chartered Surveyors (Rics), an excess of reluctant landlords – property owners who cannot sell their second homes and therefore rent them out – has led to rental prices dropping.
The data showed the number of areas reporting a rise between the third and fourth quarter of last year fell to its lowest ever level
"The downward pressure on rents will increase in the coming months where supply matches demand but with house prices still falling, yields will continue to increase for many investors," explained Rics spokesman Jeremy Leaf.
He suggested the market would continue to fill up with landlords as more and more people gave up trying to sell their homes.
The comments could mean some landlords consider improving their properties with a bespoke conservatory or glazed kitchen extension to increase rental yield and the value of the home.
Those who are looking to sell should be aware that from April 6th, every property that is put on the market requires a home information pack to be in place.