New research has indicated that thousands of would-be first time buyers (FTBs) last year opted to rent property instead.

According to the Letting Protection Service (LPS), some 29 per cent of existing tenants sought the services of private landlords after abandoning plans to purchase a first home.

The property company suggested that this equated to around 500,000 potential new homeowners switching their minds to tenancy agreements and other documentation associated with renting.

Kevin Firth, director of the LPS, warned the people letting the homes that there are a number of landlord legal issues to consider.

"Many of these landlords [who now have greater demand for their services] are inexperienced, relatively new to the market and unsure of the risks and legislation involved,"he explained.

Contrary to the LPS study, the National Association of Estate Agents recently claimed that FTB confidence has returned to the housing market.

Written by Sarah Field

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