ARLA tells letting agents that 'rental market beginning to stabilise'

News Category: Industry News

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ARLA has told letting agents and landlords that the residential rental market is beginning to stabilise, with tenancies on the increase across the UK.

Results from ARLA's latest survey of its members show that the decline in tenant numbers is coming to an end while almost one-quarter of letting agents told the survey that there are more tenants than properties.

In the last quarter, ARLA members signed up an average of 36 new tenancies, an increase from 32.6 in the previous three months.

According to an industry expert, the rise in renting is partly down to it becoming harder for prospective buyers to get a mortgage.

Mark Garner, owner of LettingZone, said: "The key thing is while rental has gone up over the last year or two, it's purely because the deposits that people need to buy a house has been increased."

He added that now is a good time to buy for cash-rich landlords looking to make a long-term investment.

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