Is Double Renting the new norm for the UK Housing Market?

There is a new trend gaining momentum in the residential lettings market – and it could be taking a foothold across the UK over coming months. “Double renting? is springing up all over the country – where home owners struggling to sell are taking up the option of letting out their existing home to provide an on-going income stream, whilst moving into another – lower cost – rental property themselves.

There is a new trend gaining momentum in the residential lettings market – and it could be taking a foothold across the UK over coming months.

“Double renting? is springing up all over the country – where home owners struggling to sell are taking up the option of letting out their existing home to provide an on-going income stream, whilst moving into another – lower cost – rental property themselves.

Landlord and Tenant

This has created a curious situation in which a home owner becomes both a landlord and a tenant. But for many it is the ideal solution if they are struggling to sell their property for the desired asking price. It means they can make alternative arrangements without playing the “waiting game” for a sale.

I believe in this current market, with rents rising and very strong tenant demand, “double renting? offers a new and ideal solution for many people. It is particularly suitable for owners and their families who are looking to move to another town or city because of a promotion or new job – or for families re-locating to a new area for a particular school. It is very lifestyle driven.

Downsizing

Changes in the family structure – such as parents deciding to downsize, or move to a different area once they have raised their children – are also factors. With double renting, there is no stamp duty or associated legal costs, as there would be in a selling and buying situation. The process is instantaneous and it also enables home owners to stay in the property market. With property prices at an all time low, they can become renters themselves elsewhere and wait for the market to pick up and sell at a profit.

On the face of it, it is a perfect solution for certain people who need to re-locate quickly, but do not necessarily want to let go of their own family home, but “double renters? need to ensure that they attract the right kind of tenant for their property, carry out detailed referencing and also conform with the wide range of insurance, legislative and health and safety requirements related to private property rental.

 

Article provided by Christopher Watkin

Head of Franchise Recruitment for Belvoir Lettings

http://uk.linkedin.com/in/christopherwatkin

Written by Julie Hanson

Julie is passionate about property – development, investment and portfolio planning. Along with husband Alec, Julie is actively building a property portfolio while helping others to do the same.

Property deals in your inbox

Get access to exclusive property investment deals

LEGAL INFORMATION

This site is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com. We are compensated for referring traffic and business to Amazon and other companies linked to on this site. We may also do this with other affiliate schemes.

Light up a north facing room
Light up a north facing room

You May Also Like…

Change Pricing Plan

We recommend you check the details of Pricing Plans before changing. Click Here



£2030 daysPay Per Listing0 regular & 0 featured listings



£4030 daysPay Per Listing0 regular & 0 featured listings



£12030 daysPay Per Listing0 regular & 0 featured listings



£25030 daysPay Per Listing0 regular & 0 featured listings



£2500365 daysPay Per Listing1 regular & 1 featured listings



£600365 daysPay Per Listing0 regular & 0 featured listings



£220365 daysPay Per Listing0 regular & 0 featured listings



£110365 daysPay Per Listing0 regular & 0 featured listings



£1200365 daysPay Per ListingUnlimited regular & Unlimited featured listings



£440360 daysPay Per ListingUnlimited regular & Unlimited featured listings



£220365 daysPay Per ListingUnlimited regular & Unlimited featured listings



£Unlimited daysPay Per Listing1 regular & 0 featured listings