Desperate homeowners are turning to the rented sector in their droves amid the lack of mortgage supply and buyer confidence in the current economic climate, says property search website Globrix.

Chief executive of the firm Daniel Lee explained that worried homeowners who have struggled to sell are making a "last-ditch attempt"to make money from their property by entering the rental market.

After an 88 per cent increase in new rental homes on the UK market in January, average monthly rent for private landlords is currently at £795 compared to a high point of £950 in May last year.

The trend means it is more important for private landlords to snap up low-cost homes to rent in the best possible locations, or to consider property improvements to boost the appeal of their properties to prospective tenants.

Indeed, Paragon Mortgages managing director John Heron said earlier this month that a good energy performance certificate rating - which provides tenants with an indication of their likely fuel bills - could prove the difference between securing tenancy agreements or having an unoccupied property.ADNFCR-2002-ID-19048966-ADNFCR

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