New renters 'need advice'
News Category: Industry News
Published: 19-Nov-2008
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Would-be property sellers who have entered the rental market in the last year should consider expert advice, it has been suggested.
According to Ian Potter, operations manager at the Association of Residential Letting Agents, amateur landlords need to be cautious and research the market as much as possible.
The latest Royal Institution of Chartered Surveyors' lettings market survey - for the third quarter of 2008 - showed that an influx of supply into the rental sector caused the net balance of group members reporting increasing or decreasing rent prices to fall from 31 per cent to minus 12 per cent.
Although the rental market is "robust" in certain parts of the country, London is experiencing large discrepancies in tenant demand across different areas, Mr Potter noted.
He said: "It is imperative that they seek out a regulated agent who is in a position to give them strong and independent advice."
Such agents can protect funds on landlords' behalf under client money protection schemes, Mr Potter added.
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