Letting agents busier as tenants 'cannot afford to buy'

News Category: Industry News

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Letting agents may find they are busier during 2010 as the results of a new survey indicate people are looking to rent houses because they cannot afford to buy.

Research from property website Rightmove found more than half of people who are planning to live in rented accommodation in the coming months will only be doing so as they cannot afford to buy their own home.

Miles Shipside, commercial director of Rightmove, said one of the reasons people were renting homes from letting agents is that mortgage lenders are being restrictive with whom they approve for loans.

He commented: "This finding indicates that the desire to purchase property rather than rent is still there and growing, but the finance isn't willing at the moment."

This comes after property website Citylets said letting agents in Scotland could be in for a busy 2010.

It found important market indicator time-to-let dropped in the final quarter of 2009.

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