Novice landlords missing out on opportunities
News Category: Industry News
Published: 16-Jul-2008
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Britons who cannot sell their homes and opt to rent them out instead are missing out on opportunities that more experienced landlords are profiting from, it has been claimed.
Lynn Hylton, a partner at Cluttons estate agents, said that most of those affected are novices to renting out property who have yet to grasp the fundamentals of the market.
She commented: "Many of our new landlords are not entering the lettings market by choice and they have a great deal to learn about the business.
"A number of them are missing out on opportunities to let their property by refusing to budge at all on the asking rent."
In so doing, Ms Hylton added many are facing lengthy void periods, which is impacting on their overall yield.
News of the findings comes after the National Association of Estate Agents predicted that rents are set to rise in the private rented sector bybetween ten and 15 per cent in 2008 and 2009.
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