Amateur landlords need to be 'educated'

Posted: 16 Jul 2008 13:12:10 GMT

The lettings market is currently experiencing a glut of inexperienced landlords as those unable to sell their property decide to let it out instead.

Cluttons, independent chartered surveyors and property consultants, said that these landlords need to be educated about tenants' rights and rental expectations to make the most of the current economic climate.

Lynn Hilton, partner at Cluttons, said: "A number of [amateur landlords] are missing out on opportunities to let their property by refusing to budge at all on the asking rent, instead settling for void periods, which every professional landlord knows is seriously detrimental to yields."

According to Cluttons however, the downturn in house sales is proving to have a positive effect on demand for rental properties.

Vendors that decide to let property and set realistic rents can have a "great deal of success".

The company reports that on average if a vendor has had a house on the market for four months and has failed to sell it, the property could be let within two weeks.

© Houseladder Ltd




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