Fewer 'reluctant landlords'
The Association of Residential Letting Agents (ARLA) has reported a drop in rental properties coming onto the market because they cannot be sold.
According to ARLA, 80 per cent of offices are now reporting the trend for homeowners to rent out properties they cannot sell, compared to 95 per cent at its peak in November 2008.
Ian Potter, operations manager for ARLA, said: "Many sellers were left with little option other than to rent their properties out earlier in the year but this trend seems to be slowly diminishing.
"There are, however, still a huge number of these reluctant landlords in the market who need to understand the obligations of a landlord to their tenants and the need importance of choosing a regulated and qualified letting agent."
House prices have been slowly moving up over the last four months, while mortgage approvals have also improved.
Mortgage interest rates have also hit a record low for many on standard variable rates (SVR) helping to keep forced sales down.
The markets for London and the South East are showing particular signs for optimism, the group said, with 72.5 and 78 per cent of offices citing a decrease in reluctant landlords - both down from highs of 92 per cent last year.
The number of family houses being rented out has decreased from 72.5 per cent in November of last year to only 66 per cent, but rentals for flats and studios have increased in the same timeframe.
- Tags:
- news ,
- property ,
- rental property
Comments
Newsletter sign up