European renting style buoys landlords

Posted: 09 Jun 2006 09:51:26 GMT

            Property News - European renting style buoys landlords

Investor landlords in the UK are reportedly benefiting from a transformation of the rented sector.

Several reports already this year have observed a rise in tenant demand while many buy-to-let landlords are thought to be expanding their portfolios in line with growing confidence.

In Carlisle, in the north-west of England, the rented sector became particularly important last year when a month's rain fell in just 24 hours. Many homeowners were forced to abandon their properties and this inevitably distorted rental prices.

Even without this, however, the sector appears to be booming, according to Val Goodfellow from the city's Letting Centre.

"The majority of properties we let are for the professional market and we have been getting an influx of foreign workers looking for places to rent," she told the Cumberland News.

She also suggested that the number of people deciding to rent instead of buy is continuing to increase, which appears to represent something of a lifestyle shift.

"We are becoming more like Europe, where there has been a large rental market for many years. Young people are renting for longer while they save up for a deposit on a property."

Ms Goodfellow also reports that demand is high from professionals, families and retirees.

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