20 Jan

Rent market changing as demand drops and arrears rise

Rent market changing as demand drops and arrears rise

The rental market across the UK could be set to change, after it was revealed by the Association of Residential Letting Agents (ARLA) that demand has started to slip.

In quarter three of 2011, ARLA said that 74 per cent of its members were saying that there were more people on the lookout for property to rent in London and other areas.

However, in quarter four, this dropped to just 55 per cent, which could be attributed to the recently reported rise in demand for buying property, as reported by Zoopla.

Tim Hyatt, president of ARLA, said: "The apparent drop in demand for rental properties could be due to the traditionally quite pre-Christmas period. At the same time, it could indicate a reversal of the surge of new tenants who turned to the PRS when they could not afford to buy."

As well as a drop in demand, ARLA also said that there are now more people struggling with arrears as a result of financial constraints.ADNFCR-1222-ID-801270878-ADNFCR

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