Accidental landlords crowd London's letting market - Daily Telegraph

The Telegraph newspaper reports that increasing numbers of property owners in London are turning to the rental market rather than sell (or are unable to sell at the price they'd like).

This trend has already been commented on by Chard. The number of new properties coming on to the market to let in London is at its highest level since 2002. The overwhelming majority of these properties are new to the market. The rental market seems to be expanding, as fewer tenants are vacating. Although whether its expanding at the same pace as supply is doubtful.

These "accidental landlords" as the Telegraph has dubbed them often have erroneous and pre-conceived ideas about renting and the market in general. In many cases these former "owners' homes" are not quite suited to the exacting standards demanded by corporate tenants relocating from Europe and America. Our lettings managers are therefore spending alot more time on valuations than they are used to. "It makes sense to spend time with landlords at the outset to explain what's expected of them and what they ought to expect, rather than have last minute misunderstandings cause problems at move in - or after - once we have let the property" explains Richard Coffey manager of Chard's Brook Green Lettings office on Shepherds Bush Road.

Pam Leibbrandt, manager of Chard's Fulham lettings office on the Fulham Road is taking on around five new properties a week hat had been on the sales market. For tenants looking for more choice of family homes to rent this has got to be good news.