Rise In 'Reluctant Landlords' Good News For Letting Agents

House sellers unwilling to lower their asking price are increasingly becoming 'reluctant landlords' and turning to letting agents to help provide an alternative solution.

Research by the Association of Residential Letting Agents (ARLA) has shown that average values of buy to lets rose by 11.6% from £401,400 to £447,900 in the three months up until the end of February. The figure had been in decline until the last quarter since the house price peak in 2007.

The average house price now is £222,146 compared with £218,278 in February 2007, calculated from Land Registry house sales data compiled by researchers Acadametrics.

Operations Manager of ARLA, Ian Potter, commented: “We believe that this increase in the overall average capital value of rental properties has been driven by different types of home being offered to let. Today’s housing climate and uncertainty around jobs and income means many people are choosing to let rather sell their home, causing an increase in the number of family-sized homes available to rent.”

A significant statistic is that around 25% of ARLA members reported an increase in property coming to the buy to let market because it could not be sold.

Rory James MacLaren-Jackson, CEO of Letting4Success and Property Agency Training, sees this as a positive trend for the lettings industry, commenting: "Letting agents are benefitting from the influx of so-called 'reluctant landlords', but also rising to the challenge of the important role they play in educating and informing new landlords of their responsibilities."

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