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Thursday, February 09, 2012

Rise of the Silver Landlord

Mortgage broker John Charcol recorded an increase in forty to fifty year olds choosing to rent out homes instead of selling. This generation often has a high level of equity built up within their property and are refinancing on this to enable them to buy another property to move to whilst holding on to the original property for rental.

John Charcol, observed that ‘Many of these people are looking to move but are reluctant to accept a lower asking price than they would have done a few years ago.’
‘The dramatic rise in house prices over the last 15 years have made people see their home as an asset rather than a home.  As a result many of those who have paid a large chunk of their mortgage are instead looking to rent out their home rather than selling it.’
‘Pension funds have not had a great time recently and they are complex, people understand property because they can see when it goes up, or down in price."

It seems that for many Brits, bricks still seem safer than pensions.

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