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NewsNew landlords 'must make sure they are buying desirable properties'
New landlords 'must make sure they are buying desirable properties'
Posted by Mark Cunningham
Landlords must make sure that any property they purchase is located in an area where it will be highly sought after by tenants in the future.
That is according to David Lawrenson, private rented sector expert at online resource Letting Focus, who has said that many new professionals operating in the UK's buy-to-let sector have made the mistake in the past of purchasing properties in locations that fail to offer "ongoing future tenant demand and strong property growth".
Mr Lawrenson noted that newcomers to the market have a tendency to buy "inappropriate" housing which they then struggle to let out and consequently do not "make any money in the long term".
He went on to say that some new landlords also encounter problems by opting for the "tenant from hell" after not conducting sufficient background checks on prospective clients.
This comes after Countrywide reported recently that private rental properties in the UK are now being let out after an average of 15 days on the market, which is five days quicker than a year ago.
15/02/2011 15:33
News category: Property