The figures reveal for the first time the extent to which first time buyers have been put off buying during the recession. English Housing survey results published in September 2008 calculated that there were 1.7 million short hold tenancies in England and Wales – 29 per cent of which is 493,000.
Kevin Firth, director of the LPS, said: “These figures indicate the extent to which the property market has swung away from home ownership and towards rented property during the housing slump.
“While the full effect that this repositioning will have on the market will not be apparent for months to come; it is clear that there is now more pressure on private landlords.
“At the same time, many of these landlords are inexperienced, relatively new to the market and unsure of the risks and legislation involved. I would strongly encourage all of them to take professional advice on legislation and carry out full referencing on their tenants.”
The LPS provides tenant referencing checks and a rent guarantee service to all landlords. For more information on and advice for tenants and landlords please visit www.lettingprotection.com.
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