Arla tracks demise of the 'reluctant landlord'
1st September 2009
There has been a drop in the number of landlords putting their properties up for rent, according to new figures.
A 15 per cent decline in the number of properties put on to the market for rent rather than sale has been recorded by the member offices of the Association of Residential Lettings Agents (Arla).
Some 95 per cent of properties on the market were for rent in November 2008, the organisation confirmed, but this has now fallen to 80 per cent.
Ian Potter, operations manager of Arla, explained that earlier this year sellers were left with little option but to rent out their properties.
However, he warned that there is still a high number of 'reluctant landlords' who 'need to understand the obligations of a landlord to their tenants'.
The new figures follow the publication of the latest Nationwide house price index, which revealed that house prices rose by 1.6 per cent in August, slowing the year-on-year decline from -6.2 per cent to -2.7 per cent.