A residential letting agency in Lincoln has seen a rise in landlords taking on properties just to rent due to the unstable economic climate.
Hodgson Elkington in Lincoln had seen a big rise since 2009 of properties going on the letting market because landlords felt they could not be sold.
During the peak of the recession, 94% of agents surveyed reported an increase in properties being put up for rent because they didn’t believe they would sell.
Residential letting manager at Hodgson Elkington Jill Elkington said: “The rise of the reluctant landlord seems to reflect wider market uncertainty and instability.
“There is a lack of available property either to rent or buy, yet people are holding back from selling, perhaps strategically, to secure the best price; or more likely because they simply can’t find a suitable buyer.
“While we welcome new landlords to the market, this trend is not without risks.
“Letting a property can be full of potential hazards, especially for inexperienced landlords—from material issues, such as a tenant mistreating a property, to financial problems, such as landlord inability to meet mortgage payments.”
The local economy is expected to pick up through a new Local Enterprise Partnership for Lincolnshire, which will have access to a £1.4b