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09th January 2012

RELUCTANT LANDLORDS

The Association of Residential Letting Agents (ARLA) has revealed that the number of homes that are entering the rental market because they cannot be sold is increasing in some parts of the UK, and this has reportedly caused an increase in the amount of “reluctant landlords”.

During the third quarter of 2011, around 47% of ARLA member agents surveyed reported that there had been a rise in the amount of lettings that were “unplanned”. This is because homeowners that are unable to sell their property turned to the private rental sector.
 
This figure of 47% was up from 40% at the beginning of 2011. The trend was most noticeable in the North East and North West in particular as higher proportions of respondents reported an increase in rental property coming onto the market. The figures in these parts of the country were 67% and 62% respectively.

Now, according to ARLA, increasing numbers of homeowners will turn to becoming landlords, the majority would be reluctant however.

Tim Hyatt, ARLA President, has been quoted saying: “Letting a property is an excellent way of generating consistent income from your property, if the correct approach is adopted by prospective landlords. However, lettings is an unregulated industry and there can be pitfalls for both landlord and tenant...we would advise anyone considering renting or letting a property, to consult a licensed ARLA member.”

It will be interesting to monitor the rental market over the first quarter of 2012 in order to see if this trend continues.
Engaging with an ARLA licensed letting agent is one way to protect your assets against this and guard against unethical Operators.

For these reasons Martin & Co are members of ARLA, we undserstand your property is an important investment and serious financial venture. That’s why we take it as part of our responsibility to look after your property to the best standard and provide landlords and tenants with a pro-active property management team.

Contact Pauline Wilson on 02392 987001 or email pauline.wilson@martinco.com  to discuss your investment further.