Quality property 'lacking' in rental market

Anyone in search of a tenancy agreement at the moment will find that good quality property is in short supply, the Association of Residential Lettings Agents (Arla) has revealed.

According to the group, 74 per cent of its members have found that there are more tenants than properties at the moment, which rises to 82 per cent in Central London.

Two years ago, undersupply in the UK stood at just ten per cent, and eight per cent in Central London.

Ian Potter, operations manager of Arla, explained: "As many parties are reporting, there is a clear shortage of homes to buy in the UK.

"Faced with this, many people are turning to rental homes as a more flexible option than buying."

He emphasised that the government needs to take action to incentivise investment in the private rented sector, which in turn will increase the number of homes available.

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Published on: July 13, 2011

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