LETTING & ESTATE AGENT

Fierce Competition For Rental Property

Fierce Competition For Rental Property

The number of "reluctant landlords" in the private sector ia falling, according to research from ARLA.

Over the past three months there has been a decrease from 28% to 21% in the proportion of rental property coming on to the market because it cannot be sold. This also represents an even sharper drop of 21% on the figure of 42% recorded just last year.

As these "reluctant landlords" disappear from the sector, tenants will be faced with stronger competition for available properties.

The South-East (excludfing London) has the highest proportion of letting agents claiming that they have more applicants than properties, whereas London, quite surprisingly, has the lowest, with just 17%.

There has also been a fall in the number of tenants struggling to meet rental payments. The current figure at 35% remains high but represents a fall of 5% from last years figure of 40%.

Ian Potter from ARLA said: "While the departure of accidental landlords from the sector may be a good thing for the individuals involved, there is a real worry about the level of rental property supply across the whole country"