Second home owners entering the letting market

This article was brought to you by Rentman the premium property management system.

In the future landlords could face competition in the letting market from members of the general public, a new study has revealed.

Nationwide found that 24 per cent of the UK population already own, or are planning on buying, a second home. What's more, many see the move as an investment which will generate them income through rental.

While a third (32 per cent) said that their second home would be for their own use, the majority (55 per cent) saw it as an opportunity to enter the buy-to-let sector.

Confirming this, 48 per cent said that they would consider an area's letting opportunities when looking for another property.

"Purchasers of second homes - be they for personal use or to let out - are an important source of housing demand and have probably helped push up prices in many areas of the country," commented Nationwide senior economist Martin Gahbauer.

Mr Gahbauer said that this demand for second homes could also have an impact on the availability of properties which first-time buyers could afford, feeding demand for rental properties.

Recently, a spokesperson from Property Hawk said that a significant number of people became landlords by accident when they acquired additional property.

Find out more about Marketing with letting agent software.