According to the Association of Residential Letting Agents (ARLA), the UK has seen an increased demand for rental properties. Those now looking to rent a home in the UK face fierce competition as demand for rental properties increases, whilst supply declines.
ARLA’s third quarterly report shows that there are more prospective tenants than properties available, with supply down by 6%. It found that there had been a significant increase in the number of people looking to rent, from 46% in the third quarter of 2013 to 54% in the first quarter of 2014 and 59% in the second quarter of 2014.
This imbalance is thought to be a result of landlords not investing in new buy to let properties.
Landlords investing in buy to let property decreased by 9% in the last quarter of 2013, from 35% to 27&. At the same time, the number of landlords selling their buy to property increased by 5% from 27% to 32%. This shows that the number of landlords selling property is now exceeding the number of landlords buying property to let for the first time in four years.
Have you got a property to let? There’s definitely demand for it and we can help you secure the perfect tenants. Altwood Properties will take care of the management of your rental property, organising everything from viewings to inspections and repairs. We also offer a guaranteed rent service, so you can have the peace of mind that you will always be making money from your rental property.