9 Jun

Demand for rental properties remains at record high

Demand for rental properties remains at record high

New research has shown that demand for rental property continues to hover at record highs as people put their house-buying plans on hold.

Over the past three months the proportion of letting agents reporting that demand for rental properties is outstripping supply has remained at a historic high of 39 per cent, according to the Association of Residential Letting Agents (Arla).

The phenomenon is most prevalent in London and the south-east, according to the organisation.

It found that despite high levels of demand, the average rents charged fell by seven per cent for houses and nine per cent for flats in the same period.

Ian Potter, head of operations at Arla, suggested that in many areas falls in rental prices have "had a positive effect as it has allowed the rental market to provide stability in housing at a time of volatility in the sales market".

Last month aboutproperty.co.uk warned that the UK lettings market is moving so quickly that potential tenants will have only minutes to secure a property, or risk being gazumped.

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