'Accidental' Landlords Again Fuelling Demand For Letting Agent Services

The Association of Residential Letting Agents (ARLA) have stated how 'accidental' or 'reluctant' landlords - home owners forced to rent out their property instead of selling it - are again creating strong demand for letting agency and property management services.

The research by ARLA revealed that 34% of member offices in the third quarter of this year experienced an increase in the number of rental properties coming on to the market because they cannot be sold, or cannot be sold at a price acceptable to the vendor. This figure was an increase from 19% in Q2 of this year.

However, there was variation across the UK in the number of agents reporting this trend, with 58% of agents in the North-East reporting an increase in this type of landlord, compared with 15% in Central London.

The number of 'accidental' or 'reluctant' landlords peaked during the recession at the beginning of 2009, when 94% of agents surveyed reported an increase of property coming on to the rental market because it could not be sold.

ARLA's Operations Manager, Ian Potter, remarked: “The rise of the reluctant landlord seems to reflect wider market uncertainty and instability.”

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