New property deals available, expert says

News Category: Industry News

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Landlords could experience new opportunities to add to their property portfolios as more homeowners opt to sell their homes, an expert has suggested.

According to James Hyman, partner for residential sales at Cluttons, many homeowners became "accidental landlords" when they chose to rent out homes after they failed to sell in the summer amid the effects of the credit crunch on the national economy.

But these people have now realised that they are unlikely to ride out the storm, as a full recovery in the property market is not expected for some time, he continued.

Therefore, Mr Hyman suggested, more homeowners are set to sell-up and accept the value they will receive for their property in current market conditions.

"There are plenty of buyers out there at the right price, especially in the mid-market, with large enough deposits to access finance, and there are deals tobe done with reasonable sellers," he said.

After the latest Halifax house price index reported a 13.7 per cent annual fall in the value of a typical UK property, many landlords could be in a good position to add to their property portfolios before the market recovers.

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