Monday, Aug 18, 2008
"But the rate at which tenants are seeking property is being outstripped by the number of rental properties coming on to the market, leading some to speculate that rents, which have been rising, may flatten out"
Times: Families forced to let homes they can't sell
...just as we predicted on this site! However, I am missing the rationality of this situation :))
Posted by confused76 @ 11:58 PM (193 views) Add Comment
1 Comment
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1. mark wadsworth said...
Yup.
They can't sell their old home (not as last year's inflated prices), so they let it out ("until the market recovers"), but they don't want to buy their new home either ("not at today's stupid prices") so they rent the house they want to live in as well.
It's called "let-to-rent" and it's a great way of generating tax revenues (rents are taxable income, imputed rents from home ownership aren't).