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Rise in Reluctant Landlords Say ARLA
Latest research published by the Association of Residential Lettings Agents (ARLA) indicates that the number of homes coming onto the rental market because they cannot be sold is increasing in some parts of the UK, causing a rise in the number of ‘reluctant landlords.’
Nearly half (47%) of ARLA member agents have surveyed and reported a rise in the number of properties on the market as homeowners turn to the PRS because they are unable to sell their property in Q3 of 2011. This figure has risen from 40% at the beginning of the year.
In England, this trend was noticeable in the North East and North West in particular, where higher proportions of respondents reporting an increase in rental property coming onto the market because it cannot be sold. More than 60% of members in Scotland, Wales and Northern Ireland also noted an increase. In contrast, the figure was lowest in Central London (17%).
According to ARLA, this means some homeowners will be turning landlord for the first time, many reluctantly.”Letting a property is an excellent way of generating consistent income from your property, if the correct approach is adopted by prospective landlords,” said ARLA President Tim Hyatt.
This research highlights the decision the vendor is making to turn to the letting sector in order to make the most out of their property in the current climate.