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Thursday, September 02, 2010

Great news for landlords..

Its great news for landlords but not so good if you are trying to sell your property or for house builders or developers.

Apparently, Rightmoves' latest survey of 22,000 people last month showed that the proportion of home buyers expecting to buy for the first time in the next 12 months has sunk to a new low.

A year ago, 31% of people expecting to buy said they would be buying for the first time. Today, that proportion is just 22%.

The survey forecasts that the number of first-time buyers will be lowest in Wales and the West Country, where less than 18% of purchasers will be buying for the first time.

This is great news for landlords. If first time buyers aren't buying it means they are probably renting. This could explain why the Rentindex shows that rents are up almost 5% over the last 6 months and by over 3% in the last month alone.

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