A report from the Association of Residential Letting Agents (ARLA) suggests that the current upturn in the property market has resulted in fewer home owners being forced to rent out their properties instead of selling.
ARLA’s Operation Manager, Ian Potter, said:
The fact that the number of reluctant landlords has dropped once again, and supported by the rise in demand for buy-to-let, suggests that movement is beginning to occur across the market. What remains key is that all landlords – reluctant or otherwise – are fully aware of their obligations to their tenants.
The Association’s research shows that 60% of its members’ offices reported property being rented out rather than sold during the third quarter of this year; a drop from 80% in the second quarter and 95% in the first quarter.
This data is supported by news from Residential Landlord that the number of enquiries regarding buy-to-let borrowing reached an all time high in the Mortgage Advice Drivers report for September. Mortgage advice requested from the website was split as follows:
- First time buyer 51%
- Remortgage 34%
- Residential 26%
- Buy-to-let 17%
A case of watch this space?