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Wednesday, June 01, 2011

Rent Hike Encourages People to Buy Properties

Earlier this year, property website Rightmove carried out a survey questioning 5,146 people. Rightmove revealed a report showing that 1 in 7 tenants expect their rent to be hiked more than 10% and half of tenants are expecting their rents to increase over the next year.

According to Rightmove, the number of people searching their website for somewhere to rent has increased by two-thirds. However, its rental listings have fallen by nearly a quarter on two years ago.

“Tenants that can play the trump cards of offering the most rent and superior references will be top placed as there is such fierce competition for a declining stock of properties” explains Miles Shipside, Rightmove director. 

Many landlords have started making buy to let purchases. Rightmove also surveyed landlords and found that because of the low performance of other types of investments for example bank accounts, almost 31% (one-third) of people were buying properties. It has also been reported that people have been seeking more advice from lawyers, surveyors and taking out landlord insurance which shows the boost in the people that are interested in stepping into the property market.

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