Enough rented properties for tenant demand………

9 11 2011

The private rented sector (PRS) may finally be running out of space to cater for tenant demand, according to members of the Association of Residential Lettings Agents (ARLA).

According to its survey, the number of agents from its 6,000-strong UK membership, stating that there are more tenants than properties has reached the highest level since records began.

 The news will be a blow to the Government who is expecting the private rented sector to take the pressure off social housing waiting lists. From next year, councils will be able to place the homeless in the PRS – and plans to penalize tenants living in social homes deemed ‘too big’ for their needs could also see social tenants switching to the PRS.

The survey also demonstrates that the periods in which tenants are staying in their properties has increased to a record high of 19 months, as tenants are wary of trying to find a new property in such a competitive market.

The Government is doing little to encourage landlords to invest in new properties therefore 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, it is advised that tenants and landlords seek the best possible advice from agents as there will be those that seek to exploit this situation. Engaging with an ARLA of NALS-licensed letting agent is one way to protect your assets, guard against this and guard against unethical operators.

Contact us at stoke-on-trent@belvoirlettings.com or tel: 01782 321400.




Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: