Why landlords are more important than ever for UK housing
2011 will go down as the year of the landlord as those with insurance for rented property will testify.
And it is likely that the influence they have on the property sector could become even greater over the next 12 months.
The reason for this is the way in which the UK property market has changed.
For decades, most British people have aspired to own their home – whether they could afford it or not.
Relaxed lending allowed many to achieve this ambition but, when the recession bit and economic times got tough, people struggled with their loans.
Now, following the credit crunch, times and attitudes have changed significantly.
People may still want to own a home but often they are more realistic in their expectations and many realise that what they want is not likely to happen.
So, where once letting was considered to be a poor relation it is now becoming increasingly accepted as more and more people realise that they cannot afford their own home.
With the outlook for the economy remaining bleak, there is every chance that the rise of so-called “Generation Rent” will strengthen the lettings sector for landlords for years to come.
Landlords should therefore ensure that to make the most of the current favourable conditions they consider taking out landlord insurance to protect their investment as best they can.