Wednesday, November 23, 2005

Can property investors trust letting agents?

Find a Property - Rental Returns Overestimated
22 Nov 2005

Recent research from Landlord Mortgages accuses some lettings agents of exaggerating rental returns...

The specialist buy-to-let investor used researchers to pose firstly as a prospective tenant and then as a potential property investor for a two bedroom flat in developments across the UK. Would the rental quotes they were given be the same. Apparently not, says Landlord Mortgages. It appears that some agents were quite happy to up their quote when they thought they were dealing with a potential investor.

The worst offenders - for the second consecutive year - were in London and Birmingham where the rents quoted to investors were inflated by 25 per cent and 13 per cent respectively."

The message is not to rely on what letting agents tell you as a property investor - also try posing as a potential tenant. And of course check what is being asked for similar advertised rental properties in the area.

Chris Bell

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