According to Goodlord, an award-winning lettings platform, experts are predicting an increased rate of fraud in 2023. In the past year, there were cases of attempted fraud among tenants moving house which may have been due to the cost of living crisis.
Property owners leaving the market:
Another expert from Goodlord predicts that there will be more property owners leaving the market this year. This may be due to the rising interest rates as it could have an impact on property owners’ cash flow.
High expectations of property owners in terms of fulfilling specific requirements such as EPC (Energy Performance Certificate) ratings could also be the reason for driving out property owners from the market.
This year, there may also be more properties on the sale market which may lead to reductions in prices and rental values would remain high because of a lack of supply due to property owners leaving the market.
Since the public is also facing the challenges of high cost of living, it is predicted that the House in Multiple Occupation (HMO) market would remain in high demand as it is an affordable option during these challenging times.
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