23 Feb

Sell-to-rent tenants 'increasing in number'

Sell-to-rent tenants 'increasing in number'

A growing number of those renting homes now are recent homeowners, an expert has stated.

National Association of Estate Agents (NAEA) president Chris Brown said that many people who would normally sell a house and then buy another in a different area when moving for work are no longer doing so.

"You're getting people who traditionally would never rent a house who are saying: 'Yeah let's have a look, let's rent a house'," he suggested.

This is because there is a lack of new homes to buy, Mr Brown commented.

Figures from the NAEA have indicated that a recent rise in buyer enquiries has not been matched by the number of homes being sold.

Its statistics revealed that the number of buyers per agent rose from 200 in December 2008 to 242 last month, but the proportion of homes sold was static at six per cent.

In the same period the number of houses available per agent dropped from 100 to 75.

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