Credit crunch driving rental numbers, landlords told |
15 2008 |
| Landlords across the UK are benefiting financially as growing numbers of young professionals decide to rent for the foreseeable future due to the turbulence currently being seen in the housing market. While in the past, landlords largely targeted students and those on low income, thanks to the global credit crunch, they are now taking successful professionals of all ages on as tenants, the Landlord Expert website has reported. Furthermore, with the economic turbulence showing no sign of abating, this trend looks likely to continue for some time. Indeed, new figures from Your Move cited by the website show that that there has been a 38 per cent increase in the number of rental leases being signed over the last year alone, largely caused by young professionals who have been forced out of the property market due to economic factors. "The credit crunch has buried any chances most first time buyers might have had of getting on the property ladder," Your Move managing director David Newnes commented. "Mortgage finance hasn't been this hard to come by for 15 years. For landlords this is a cloud with a gold-plated lining," he added.  |
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