Landlord assists struggling homebuyer

News Category: Marketing

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A London-based landlord has demonstrated the potential success for those who are flexible in the current economic climate in terms of meeting the needs of tenants.

More would-be property buyers are switching to rental homes because of difficulties in securing mortgage finance, despite recent falls in interest rates and house prices.

A BBC Two documentary called Property Watch, to be aired in May, has shown how landlords can step in when current tenants are struggling when looking to move on and buy their first home.

Louise Aiken was expecting a baby with her husband Seb in April, but their attempts to finance a property purchase failed.

"It was proving very difficult to secure the finance and find anything suitable," she told the BBC. "Our landlord offered to redecorate our bedroom and make improvements in time for the baby's arrival."

The story comes as many landlords and letting agents are capitalising on increased rental demand during the recession.

David Newnes, managing director of letting agent Your Move, said the credit crunch has blighted the hopes of some first-time buyers, but added that this trend has boosted the residential lettings market.

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