Properties being held on to for longer
by Christopher Evans
Owners of property are holding on to their homes for longer than usual, which could have implications for DIY house selling
Mark Garner, managing director at LettingZone, explained that in order to make some extra cash, some people are opting to rent out rooms
"People with those more expensive properties have held on for as long as they possibly can and now have just got to move somewhere else," he noted.
Mr Garner highlighted that they will often move elsewhere and rent out their existing property, with the couples market one of the strongest at the moment.
Cohabiting couples are particularly mobile in the market, he explained, as are singles looking to rent out flats.
The Association of Residential Letting Agents recently reported that the beginning of 2011 saw an influx of higher value property into the private rented sector.
During the first quarter, there was a 11.6 per cent rise in the average value of rental properties, the research showed.
- Property News from Lawpack: buying or selling your own house? Straight-forward advice on DIY conveyancing.
Published on: April 13, 2011
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