Letting agents busier as house prices decline
News Category: Industry News
Published: 01-Mar-2010
This article was brought to you by Rentman the premium rent management software.
People are unable to afford to buy their own homes, resulting in increased activity for letting agents.
Figures from Nationwide show that house prices fell one by cent in February 2010.
That means letting agents could find they are busier as people look for other methods to find somewhere to live.
Nationwide said it was too early to tell if February's drop would be the beginning of a wider trend, but stated that the snowy weather could be a reason for the prices falling.
Paul Holmes, chief executive officer of first-time buyers advisor Firstrung, said that supply and demand is not the reason for the drop in the price of houses, stating the argument was a "red herring".
"The reason they can't buy a property is because the speculative mortgage product has completely disappeared," he commented.
Mr Holmes added that there is no cheap money available for people to borrow.
This could mean people are being forced into renting properties from letting agents instead.
How to stay legally compliant with letting agent software
