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Rental demand slackens
24 January 2012
The Association of Letting Agents (ARLA) has carried out research indicating that the demand for rental properties has eased.
The research also found that although demand has slowed, there are still a greater number of tenants than properties in some areas. In quarter three of 2011 74% of ARLA members saw more tenants than available housing. This number dropped to 55% in quarter four, according to PropertyWire.co.uk.
Tim Hyatt, president of ARLA noted that: “The apparent drop in demand for rental properties could be due to the traditionally quite pre-Christmas period. At the same time, it could indicate a reversal of the surge of new tenants who turned to the private rental sector when they could not afford to buy."
“We are reassured by the fact that the number of new tenancies is stable, but we will be watching the market closely in the coming months to determine how significant these latest figures will prove to be.”
“In tough economic conditions both landlords and tenants can find themselves struggling to keep up with rent or mortgage payments. It is therefore more critical than ever to take references and conduct thorough research before signing a tenancy agreement. Seeking advice from a professional, licensed letting agent is the best way to ensure tenants and landlords' rights are protected” he added.
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