LEADING estate agent Blundells is reporting a “huge rise” in the Peak Park house rentals market, partly fuelled by young people who can’t afford to buy.
Blundells has recently set up a dedicated Peak Park rentals division and has witnessed an increasing demand in and around the Hope Valley for properties to rent , with many are snapped up as soon as they become available.
Jed Furniss, property consultant for Blundells, who is based at the firm’s Hathersage branch said: “We were getting a regular flow of enquiries from people requiring a property to let rather than buy so seeing that the demand was out there we decided to set up a rentals operation at our Hathersage branch.
“The increasing interest in renting is due, in part, to the banks’ strict lending criteria which continue to make it difficult or impossible for younger people to buy a home and they are being forced into looking for a rental instead.
“There also seems to be a substantial number of people who are able to buy but are choosing to rent as they have little confidence in the property market and want to keep hold of liquid assets while the economy is uncertain.”
Mr Furniss also points to a sharp increase in the number of landlords, not only those who acquired properties specifically to let out but also ‘reluctant’ landlords who have failed to sell and need an income from their property, or whose properties have lost value and find they cannot sell because the present value is below the outstanding mortgage.