Pace of Letting Homes fastest in the decade!

Posted under General by Alan

A large number of desperate homeowners, unable to get a reasonable sale price for their property are rushing to rent their homes. The number of instructions received by the letting agents during second quarter of the year has increased at a record pace.

A quarterly residential letting survey by the Royal Institution of Chartered Surveyors (Rics) reveals that the pace of letting is the fastest in 10-year history of surveys. It indicates that homeowners now prefer to rent out their homes rather than selling them at throw away prices.

According to Rics’ spokesman, James Scott-Lee, sales in the housing market are drying up and many homeowners are rushing to let their properties. However some owners are still willing to wait till the sale prices start going up. He informs that established investors are extracting benefits of the housing slump and finding renting as a profitable option. But he apprehends that increasing supply of rental homes could affect growth of rental income due to increase in options for the tenants.

The prices of properties have gone down by 10% during the year, while the number of buyers also fell sharply. The rents have been gradually rising in most of the places bringing in hefty incomes for the home owners.