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Monday, October 17, 2011

Rental demand outstrips supply

ARLA's members across the UK stating that there are more tenants than properties has reached the highest level since records began.
74 per cent of ARLA's members believe demand for rental property is outstripping supply.

Demand is particularly acute in London and the south east where they are recording an insufficient supply to meet tenant demand.

Tim Hyatt, president of ARLA, said: "The UK cannot rely on the rental sector to support the housing market in perpetuity.  The reality is that there is a finite amount of rental property and unless both housing supply and mortgage availability improves then renters will find that their options in the market are reduced."

"The Government is doing little to encourage landlords to invest in new properties therefore we are running out of quality stock to offer to tenants.   This is reflected in rent increases and a lack of choice for consumers.
"Within such an intensely competitive market, we would advise tenants and landlords to seek the best possible advice from agents as there will be those that seek to exploit this situation. Engaging with an ARLA-licensed letting agent is one way to protect your assets guard against this and guard against unethical operators."

Ian Potter, operations manager of ARLA, added: "Although the Prime Minister has announced plans to re-instate Right to Buy and new funds to finance new build, we would query how many properties within the social sector are blocked.  This can be by either by elderly tenants who do not want to leave the 'family home' or the economically poor who, even with Right to Buy, will struggle to finance a purchase. How many properties will have to be sold to finance each new build?"

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Manchester letting agents said...

It's been incredibly busy since the end of July but it's starting to calm down for the winter period now. Most of our tenants have stayed put so our stocks have been lower than usual, the lack of new build has also added to this.

The_Maluka said...

Demand for social housing in the South East has been phenomenal; we turn away three out of four prospective tenants. Voids, once measured in weeks, are now only hours with no time to decorate or clean between tenancies. For the record we have not used this as an opportunity to increase rents but rents will of necessity have to increase next year as maintenance costs have escalated.