Struggling sellers turn to renting

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Homeowners finding it difficult to sell their property in the current market are increasingly choosing to let their home, according to the Royal Institute of Chartered Surveyors (RICS).

RICS says rising rental yields and a lack of buyers in the housing market have caused many homeowners to try and ride out the credit crunch by letting their property. RICS' latest survey shows 29% more surveyors reported a rise in new landlord instructions than a fall in the first quarter of 2008, compared to 2% drop in the last three months of 2007. The fall in buyers has resulted in increased demand in the rental market, with 23% more chartered surveyors reporting a rise in gross yields, compared with 5% at the end of 2007. James Scott-Lee, spokeman for RICS, says: “The sales market's ...

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