Letting 'the easy option'
News Category: Industry News
Published: 26-Nov-2008
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Amid frustrating conditions in the housing market for estate agents, its easy to see why letting appears to be an easier option, an expert has said.
Bill McClintock, chairman of the company that operates the Ombudsman for Estate Agents (OEA), commented that the lettings market has grown rapidly as many Britons have struggled to purchase homes in the current financial climate.
Although house prices have fallen dramatically, many who cannot afford a mortgage turn to letting because they have to find a place to live, Mr McClintock noted.
"Some estate agents see a vast reserve of potential tenants looking for homes plus a bank of buy-to-let landlords who are desperate to match those tenants to their empty properties," he said.
The number of new landlord instructions to let in the third quarter of 2008 increased at the fastest rate since records began, reported the latest Royal Institution of Chartered Surveyors letting market survey.
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