The association of letting agents report a shortage of supply as more landlords are selling property than buying. The first time in four years that ARLA have recorded this negative imbalance.
ARLA said 68% of their letting agents had more tenants seeking a rental property that there were rental properties available. The quarterly report also shows a drop in managed properties on letting agency books, with the agency average falling from 143 to 135.
ARLA said 68% of their letting agents had more tenants seeking a rental property that there were rental properties available. The quarterly report also shows a drop in managed properties on letting agency books, with the agency average falling from 143 to 135.
ARLA predict this trend to continue, as their member report an increase in the number of landlords selling property and a fall in those buying.
ARLA's Managing Director, David Cox, comments:
“This quarter, we have seen demand for properties in the rental sector significantly rise, while the supply of residential rental properties has dropped. This activity has bucked the seasonal trend recorded over the past 11 years for this quarter, in which we normally see an increase in the number of new tenancies signed up. However, with landlords not investing in new BTL property tenants are finding it increasingly difficult to secure contracts.”
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