Some landlords 'selling instead of renting'
Property professionals
13th May 2009
Many landlords are choosing to sell their properties, rather than renting them out, it has been claimed.
According to Savills' head of lettings Jane Ingram, the development is one of the factors that could result in an increase in rents over the next few months.
Referring particularly to the lower end of the property market, she commented: "The number of all properties for rent has fallen - whether it is flats or houses - and this lack of stock will lead to rent increases."
Ms Ingram also said that many landlords who had previously been forced to rent out properties because of weak transaction levels are now again attempting to sell them.
Research by FindaProperty.com found that there was a 1.5 per cent fall in the number of houses available to rent last month, compared to March.
Meanwhile, Rentrights' Residential Rental Price Index showed that the average rent is currently £585 per month. In April, the figure stood at £670.
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