Potential first-time landlord insurance holders unable to afford a home are not missing out on much, at the moment.

According to Firstrung, it’s the lack of attractively priced properties on the housing market which means people trying to get on the ladder should sit tight for the time being.

Chief executive for the company, Paul Holmes, thinks this is the case unless you find a complete bargain at auction that no-one wants to buy or something that doesn’t take much work to make habitable.

He goes on to say that the only people to be losing out are “stubborn” and “greedy” sellers who are holding out for a high price for their property.

He explains however that landlord buildings insurance holders such as these have “still got their head in the clouds”.

The comments follow research from Clydesdale and Yorkshire Banks showing that 84 per cent of first-time buyers rely on financial support from their parents in order to access the housing market.

And it’s because of this situation that many Brits are waiting longer to buy their first home.

CEO of Upad.co.uk, James Davis says: “The average age of a first-time buyer is 37 but over 40 in London now. This will have a massive fundamental effect on the UK housing stock and a massive shift towards renting becoming the norm.

He highlights that at Upad.co.uk - the UK’s largest online letting agent – we’ve seen a threefold increase in tenant enquiries.

Mr Davis goes on to say that “there has been a dynamic shift towards tenant requests being interested in a type of property, so requests for Wi-Fi, cleaning and security and that is becoming the norm rather than the exception.”

Upad thinks this means landlords insurance holders have to raise their game as a result of this marketplace.

Mr Davis notes: “Whilst there are more tenants out there, tenants demands and expectations are rising fast. It is no longer good enough to whitewash the flat before a new tenancy starts.”

Upad suggests that landlords must advertise their properties on official sites if they want to keep up with the client marketplace.
References from tenants is also a good idea. It is becoming more of a necessity than a luxury to reference your tenants.

However: “Make sure it is a trustworthy tenant, with a good credit rating.”

But first and foremost, Upad says landlords just need to be more professional with how they run their business.