(1888PressRelease)
May 16, 2007 - With interest rates also set to rise in the near future, it is expected that demand for rented accommodation will be boosted further as affordability issues heighten - while repossession figures are also set to go up.
A survey by Paragon Mortgages has revealed 92 per cent of the landlords polled considered demand for rented accommodation to be stable, growing or booming.
This strong demand means houses available for rent are only likely to be vacant for an average of 2.96 weeks a year.
"We have been running this survey for five years and have seen a very strong trend of growing tenant demand throughout this period," commented John Heron, director of Paragon Mortgages.
"But recently, in both our own research and that of others, we've seen demand for private rented accommodation hit new peaks."
The UK's leading fast property purchase company National Homebuyers says that "the only uncertainty was that uncertainty was certain". Director Julian King says: "We have predicted this augmenting reliance on renting for over a year.
"Interest rate rises will lead to a depression in the housing market.
Homeowners need to ignore the editors of national newspapers and gather more genuine information about property prices in their area for a genuine feel of what's happening.
"National Homebuyers is receiving more and more enquiries from people who are finding it difficult to sell their property and to whom National Homebuyers is a genuine, quick sale solution."
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