Friday, 28 January 2011

Struggling property market creating 'accidental' landlords

The lettings market has been given a boost as more homeowners are forced to rent their properties because they cannot find a buyer.

Agents have predicted an increasing number of these "reluctant" and "accidental" landlords who find themselves taking on tenants for the first time during 2011.

Recent research suggests that one in three homeowners are now considering renting as an option.

Click here to read the whole article Struggling property market creating 'accidental' landlords

NetRent Comment

Although this article concentrates on the local Kent market there is evidence that this is happening all over the UK as homeowners refuse to sell at lower prices. In our opinion this can create real problems for the accidental landlord and the prospective tenant.

Many accidental landlords do not realise that there are over 70 pieces of legislation which affect landlords and in too many cases do not deal with essentials like gas safety checks, EPCs and deposits correctly. This leaves them vulnerable as landlords and more importantly exposes tenants to potential physical and financial risk.

We would strongly urge anyone considering becoming a landlord to seek as much information as possible and only when they have fully assessed their individual situation should they seek to rent their property out.

More information can be found in our Landlord Resource Centre, please click here The Landlord Resource Centre.

Local Authorities can also be an invaluable source of information, click here Working with Local Authorities.