Double-dip recession 'could lead to a rise in unreluctant landlords'

Posted: 17 Sep 2010 10:50:47 GMT

The UK housing market could soon see a wave of unreluctant landlords, it has been suggested.

According to More Than Business, ten per cent of British homeowners may have to downsize and would have to rent their dwellings out in the event of a double-dip recession.

A further 34 per cent admitted they will be forced to consider the option, while 14 per cent of those in London claimed they would have no choice but to let their domiciles.

Mike Bowman, head of More Than Business, urged people to carefully think about their actions, as 75 per cent do not have enough legal knowledge on the responsibilities that come with being a landlord.

"There are numerous potential pitfalls when it comes to letting a property - it's not as simple as finding a tenant and sitting back waiting for the rent to come," he added.

Earlier this week, a report by the Buildings Societies Association revealed confidence in the housing market is still low.

The number of consumers who do not think now is a good time to buy an abode has increased from 21 per cent in June to 26 per cent in September.
 

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