Accidental landlords may need contract help

More than a third (34 per cent) of letting agents reported a rise in the number of accidental landlords, according to new research.

The Association of Residential and Letting Agents (ARLA) has found that the third quarter's figures are almost double that of the previous quarter.

However, there were stark regional variations reflecting the current house price picture in the UK.

More than half of agents in the north-east of England have reported an increase in reluctant landlords.

This is compared to 15 per cent in central London.

However, figures have not reached the same peak as in the first quarter of 2009.

During that period, some 94 per cent of agents reported an increase of property coming onto the market from landlords unable to sell property investments.

Commenting on the figures, ARLA's operations manager Ian Potter said: "The rise of the reluctant landlord seems to reflect wider market uncertainty and instability.

"There is a dearth in available property either to rent or buy, yet people are holding back from selling, perhaps strategically, to secure the best price; or more likely because they simply can't find a suitable buyer."

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Published on: November 1, 2010

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