More reluctant homeowners put properties up for rent

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13th January 2012

More reluctant homeowners put properties up for rent

The number of homes coming on to the rental market because they cannot be sold is increasing, ARLA (Association of Residential Letting Agents) has reported.

During the third quarter of last year, nearly half (47%) of ARLA member agents surveyed reported a rise in the number of ‘unplanned’ lettings by home owners unable to sell their property, or who are holding off until a higher price is achievable.

The proportion rose from 40% at the beginning of last year.

The ‘unplanned lettings’ trend was particularly noticeable in the North-East and North-West, where higher proportions of respondents reported an increase in rental property coming on to the market because it cannot be sold (67% and 62% respectively). 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%).

This being said however, the number of people wanting to rent rather than buy is on the increase as well. With more than half of the numbers wanting to rent than previous years