The private rented sector in the UK is continually growing; increasing property prices mean that purchasing property is out of many people’s capabilities, and therefore the only alternative is to rent.
At the moment – as of May 2012 – Lettingweb’s statisticsshow that it is a landlord’s market. More than 5500 properties have been taken off the market at the moment, as opposed to slightly more than 2000 put on the market for tenants looking to rent a property. This is evidently seasonally influenced, as up until mid-February 2012 it was very much a tenant’s market; indeed, at the beginning of the year there were more than twice as many properties put on the market as there were taken off. This could lead landlords to decide to increase the price of their properties, as if there is a high level of competition involved in obtaining flats, tenants are likely to be willing to pay higher rents.
Lettingweb’s figures are backed up by ARLA, which recently reported that more than half of their registered landlords say they have more tenants than available property, allowing them to be selective when accepting offers and applicants.
Source: LettingAgent Today