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Property News Item: 00781
14th Nov 2008
Accidental Landlords Having Second Thoughts
Source: http://www.findaproperty.com
The term 'accidental landlords' refers to homeowners who turned to letting because they couldn't sell their properties - or didn't want to accept reduced offers - in the subdued housing market.

But, according to a report from Cluttons, the trend looks as if it could be drawing to a close, with many of these owners now prepared to price their properties more realistically in order to achieve a sale.

According to Cluttons fifteen per cent of accidental landlords across their London offices have placed their properties back on the sales market in the last fortnight. Over the next 2 weeks this is expected to increase by 25 per cent based on the number of sales valuations they are currently receiving.

This presents some good opportunities for buyers as there will be a greater supply in London and south easy which combined interest rate cuts

James Hyman, Partner for Residential Sales at Cluttons, comments: "Those people who need to sell their homes are realising it is not an option to sit tight and wait for prices to recover.

"This is good news for the sales market, which has been stalled in part by the reluctance of sellers to recognise that their homes are worth considerably less than they were a year ago.

"Many sellers, who are not in a position to rent their property out in the long term, are now accepting that they are better off selling at current prices, as the market is unlikely to recover to previous heights for some considerable time.
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