Latest research from A.R.L.A (Association of Residential Letting Agents) indicated in its 3rd Quarter Annual Report that its members have reported that 47% of properties coming ont the market were from new Landlords who either couldnt sell or have decided to make a move without selling their own home perhaps waiting for property prices to rise. This is up on the 40% as reported at the start of 2011, but is a significant increase.
The further North the higher this percentage is, with a lower 17% of Landlords being termed “reluctant” in Central London.
Whilst the PRS (Private Rental Sector) is in dire need of more stock to meet the demand from prospective tenants, it’s also worrying that in these touch economical times these new Landlords may not realise that the practice of Residential Lettings and property Management is currently an unregulated business in the UK. Many Residential Sales companies whom are struggling have opened up Lettings departments, are cutting corners and more importantly have no professional association and do not hold client money protection insurance. If the financial situation worsens, these agents can “up and leave” leaving the Landlord abandoned and out-of-pocket.
Our advice to any first time Landlord, irrespective og how much experience they have in property through helping family and friends, should get in contact with an ARLA agent and take proper advice or returns, term, legalities and understand the services available to them.
SurreyLets is an ARLA lIcensed Letting Agent and would welcome and queries from Landlords who are considering letting their home.
