A growing number of Britons are letting out their houses instead of selling them and benefit by the rising rentals to head abroad seeking their own lifestyles. This is not merely for the summer but for more extended periods. Mike Goddard, CEO, Belvoir Lettings is of opinion that by letting out homes and enjoying a long holiday abroad, the owners tend to take a gap until the property market in UK picks up.

The highest average yield in UK rental since February 2006 is 6.4 %. According to Paragon Mortgages, a property worth £ 500,000 could earn a £ 2,600 a monthly gross rental income.

The people who rent out homes and move abroad think they are more relaxed in a foreign country and the full control of their property and tenants will be taken over by someone locally.

Marie McLaughlin, the Opera Performer and her husband Peter Nardini are leaving to France after letting out their Victorian cottage for £ 1,000 per month. They intend to let out the historical Manor house at Hollingbourne for £ 3,275- per month to move to a farmhouse in Chervettes.

Ross Husband founder of Rent a Place in France says as the sales market in UK is affected the rental market has grown stronger. His Company which lists more than 300 properties in France received nearly 21,000 applications for long term lets.

Rob Smith, a London property developer and wife Amanda an estate agent have let out their home in South London for £ 3,000 and arrived in Turkey to spend the Winter months, as they could not get a sales offer more than £ 700,000 for their £ 1.15 m. worth house. It is same with Paul Edwards who let his house in the city for £ 1,200 a month and headed to Palma in Mallorca to enjoy a great life with his family in Spain.

According to Association of Residential Letting Agents the highest demand for rental houses in London exceeds the supply.

Date : 2008-08-28 08:00:20
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