Homeowners choosing letting over selling, survey finds

More and more homeowners are choosing to let their properties rather than sell, research has found.

The Royal Institute of Chartered Surveyors' (RICS) survey for July has revealed a 43 per cent rise in landlord instructions, the fastest rise it has ever recorded.

It states that an increasing number prefer to rent out homes, as falling demand in the housing market makes it more difficult to agree terms.

James Scott-Lee, spokesperson for RICS, stated: "Becoming a landlord is now an increasingly profitable option with rising rents and yields offering good returns. However, ever-increasing supply could have an impact on rental growth as tenant options increase."

A recent report by financial advisor Hargreaves Lansdown found that buy-to-let landlords are increasingly falling behind with mortgage payments.

It showed that there are currently 10,000 such landlords three months in arrears and predicted that figure would rise further as mortgage rates rise and house prices fall.

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