Experienced landlords 'in prime position'

News Category: Industry News

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Despite volatile conditions and falling house prices, many landlords and letting agents could be in a good position to take advantage, an expert has suggested.

John Heron, managing director of Paragon Mortgages, said the economic downturn could provide new opportunities for properties to be snapped up at bargain prices.

"Landlords with experience of the private rented sector are well positioned to take advantage of current conditions, particularly with rising levels of current demand," he commented.

Mr Heron's comments come after research by the firm found that the number of businesses being conducted by first-time landlords was down to 10.6 per cent in the third quarter of 2008, compared to 18.3 per cent in the same period last year.

However, he argued that del this means experienced landlords are in a position to take advantage of market conditions.

Halifax'slatest house price index reported a 13.7 per cent drop in house prices in the last 12 months.

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