Who wants to be a landlord
A Recent study released by the BDRC Research Agency has shown that around a fifth of all residential landlord in the UK are new to the business and have no more than 2 years experience. The main reason believed to be behind this lack of experience is because of the condition of the housing market over the recession period. A number of property owners have failed to sell their houses, forcing them to have to let them out introducing them to the but-to-let market, where there have been complications over the past months.
The more interesting figures that BDRC have found is that 49% of residential landlords have chosen against increasing rental prices. Compared to this 27% chose to increase their rental amounts, and 19% chose to decrease the rent in an attempt to reduce the amount of time their property remained unoccupied.
This has lead to around 33% of landlords having shown a decrease in their profits, 8% of which have had to deal with losses. This shows that the rental market is very unstable and for a newcomer to the area it could potentially drain their finances.
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November 13th 2009
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