November 4, 2009
Reluctant Landlords Numbers Fall
The number of reluctant landlords has fallen for the third quarter in a row.
Research from the Association of Residential Lettings Agents (ARLA) indicates that 60% of its members recorded property being rented out to tenants rather than sold during Q3 2009, down from 80% in Q2 and 95% in Q1.
The data suggest that fewer homeowners are being forced to rent out their homes (becoming ‘reluctant landlords') because they can't sell.
The figures would seem to back up other indications that the UK housing market could finally be turning the corner.
Ian Potter, Operations Manager of ARLA, said:
"The fact that the number of reluctant landlords has dropped once again, and supported by the rise in demand for buy-to-let, suggests that movement is beginning to occur across the market.
"What remains key is that all landlords - reluctant or otherwise - are fully aware of their obligations to their tenants, and of the importance of choosing a regulated and qualified letting agent."
In prime Central London, 48% of ARLA members reported rental property coming onto the market because it cannot be sold, compared with 73 per cent last quarter.
