Wednesday, 4 August 2010

04/08/10 Belvoir Lettings agent, Andover who have a large selection of property, house, flat and apartments in Andover and Ludgershall are urging landlords with properties for sale to think again.

The lettings specialist points out that the UK housing market is currently painfully slow because of oversupply, while the rental market is seeing exceptionally high demand.

Greg Greatbatch, one of the firms Directors comments: “According to the latest Nationwide Monthly House Price Index, house prices fell by 0.5% in July on the back of weak buyer demand.”

He adds: “It simply does not make sense for landlords to have their properties sitting empty as they try to sell in a stagnant market while we have a shortage of properties for waiting tenants who are clamouring for somewhere to rent.”

However, Mr Greatbatch urges fast action as traditionally, rental property stocks peak in the autumn.

He also reminds “reluctant landlords” who entered the rental market because they have been unable to sell, that recent improvements in the mortgage market could enable them to release equity in their properties while keeping their old homes as buy-to-let investments.

According to the latest Buy-to-Let Index from LSL Property Services, the average UK rent rose 1% in June, to £673 per month, taking the annual gain to 3.2%, or £23 more than a year earlier.

London saw a 1.9% surge, to £942.

For more information, visit the Belvoir Lettings website or call them on 01264 366611