Severe Rental Property Shortage in UK
Added: (Thu Apr 22 2010)
Pressbox (Press Release) -
By - http://www.tenant-network.co.uk
According to Q1 research from the Association of Residential Lettings Agents (ARLA) there is a shortage of rental properties in the UK to meet consumer demand.
The research, conducted among UK letting agents and landlords, shows that during Q1 2010, two thirds (59%) of ARLA member agents reported more tenants than properties available. This is a 50% rise on the last quarter (41%) and in Q3 2009 the figure was just 24%.
The speed with which tenants are snapping up homes to rent is also telling - properties are vacant for an average period of just 3.6 weeks, which is down from 4.2 weeks at the same point last year.
More Britons are turning to residential landlords for their accommodation needs, but the supply of available properties has increased by nowhere near the same proportions as the demand for these rental units.
One of the ways to help expand the buy-to-let sector at this crucial time is to provide landlords with incentives to both renovate their properties and invest more in the rental market.
With demand outstripping supply, rents have gone up 2.5% to an average £683 per month and void periods are at 17 days.
The worst shortage is in the south-east, where there are 6.8 tenants for each property.
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