Tuesday, August 19, 2008
But Paragon says rents are going up?
Record numbers of homeowners are letting out properties after failing to sell them in the worst housing market downturn for more than a decade, the Royal Institution of Chartered Surveyors (Rics) says today. The flood of properties is expected to depress rental levels, which Rics warned may fall this year. A fall in rents, combined with higher mortgage costs, will place recent buy-to-let landlords under intense financial pressure and could accelerate the housing downturn as they dump properties on to the market.