Arla urges govt support for residential letting
News Category: Industry News
Published: 24-Feb-2009
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Government action is needed to maintain the flow of stock coming into the residential lettings market from buy-to-let mortgage borrowers, says the Association of Residential Letting Agents (Arla).
Ian Potter, operations manager at the regulatory body which represents letting agents and landlords, said buy-to-let investors are supporting a rental demand which has expanded since the onset of the economic downturn, as more would-be homeowners have been forced to switch to rented accommodation.
"Without buy-to-let stock coming on to the market, then we will face a housing shortfall in certain parts of the country that threatens our ability to accommodate the UK's ever-increasing population," he commented.
Mr Potter explained these views after data released by the Council of Mortgage Lenders last week showed that 4,000 buy-to-let mortgages were taken into possession in 2008.
Keshav Thukaram, managing director of landlord advice website Smartlandlord, also said landlords are struggling to get buy-to-let mortgages after the number of products on the market has shrunk since the onset of the economic crisis.
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