Demand for residential lettings up
News Category: Industry News
Published: 10-Sep-2008
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Demand for new tenancies across residential lettings has increased by one fifth (20 per cent), according to data from the Association of Residential Letting Agents (Arla).
Landlords with residential lettings outside of the central London area seem to be enjoying the bulk of this upward trend, with 64 per cent claiming demand exceeds supply.
Within central London, however, the proportion of landlords reporting high demand for property is still high at 41 per cent.
Ian Potter, Arla head of operations, explained that the figures dispel any claim that the credit crunch is having an adverse impact on the residential lettings sector.
He said: "This steady rise in rental growth that we see yet again, coupled to clear evidence that there is no unusual selling, proves once again that the credit crunch effect on the private rented sector exists only in the imagination.
"Thisis underlined by the short void periods and length of time that tenants stay in rental properties."
The survey also found that rent has increased to an average of £387 per week for houses and £253 per week for flats over the last six months.
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