The number of people who have chosen to rent out their country house instead of putting it on the market has dragged down rental yields in the country house market.
‘Country houses for rent have flooded the market,’ says David Adams of Chesterton Humberts. ‘We’ve got to a stage where there is a surplus to demand and tenants can call the shots.’
The rise of the so-called reluctant or accidental landlord has been one of the knock-on effects of the recession.
‘Owners have decided that all their assets should be put to work and instead of selling their second home in the country which limits the number of properties actually coming to the market.’
Mr Adams cites an example of a 5/6 bedroom country house in Wiltshire
that was on the rental market for £3,000 a month but is now being
rented out for £2,200/month.