The private rental market has undoubtedly taken a bit of a bashing over the past few months, however it as created a new breed of landlord – the ‘let to rent landlord’!
The L-2-R landlords is a homeowner who has chosen to rent out their own home, but instead of moving onto buy another property they are then moving into rented accommodation themselves.
In the Urban.co.uk Tenant’s Survey, which surveyed 1,000 people renting in the UK, 6% of renters surveyed still owned a property, whilst a further 45% were previous home owners.
There are a number of reasons that could be contributing to the increasing popularity of this trend. Thanks to a lack of property stock at the moment, many people are struggling to find the ideal property to take the next step on the ladder, so when it is time to move they have no option but to look at renting. With property at the price it is, this is not an area in which you want to make a costly mistake!
Stricter mortgage regulations also mean that many people are struggling to extend their existing mortgage to cover a higher value property, so are left with no option but to rent if they need to move to a bigger property, or a more expensive area.
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