Surge in high value private properties being let

There was a surge in high value properties entering the private-rented sector earlier this year, new figures have revealed.

As many people still opt to enter into tenancy agreements rather than purchase properties, the Association of Residential Letting Agents (Arla) has witnessed a growing demand for high-end rental homes.

During the first quarter of the year, there was an 11.6 per cent rise in the average capital value of properties to rent, rising from £401,400 to £447,900.

Particular growth was seen in London and the south-east, while the rest of the UK experienced a fall in values.

Ian Potter, operations manager of Arla, commented: 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."

He added that there is now a greater variety in the types of homes available to let.

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Published on: April 14, 2011

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