London has seen a growing trend for ‘accidental landlords’ in recent years, as more homeowners decide to move their properties to the rental market amid uncertainty in the sector.
The category includes those who have failed to sell, as well as others who decided to hold out for a better price. As rents have continued to rise, the appeal for those who own property to place it on the rental market has certainly grown.
Indeed, one estate agent 13 recently reported that there were around 35% more rental properties on the market compared to a year earlier. Whether these ‘accidental landlords’ will stay in the sector longer term remains to be seen.
- Chestertons, 2022
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Source: Quilter Financial Planning – Essentially Mortgages Q1 2023