Rental demand hits eight year high, says ARLA
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The number of tenants seeking rental properties has reached an eight-year high, research from the Association of Residential Lettings Agents shows.
More than 70% of letting agents have reported that consumers are being forced to rent because of the pressure of home buying.
Demand for rental property is highest in the South East where 81% of agents say there are more tenants than properties, compared to 67% in the rest of the UK and 73% in Central London.
Ian Potter, operations director of ARLA, says: “This is real evidence of a generation forced into renting and the government must recognise the need for regulatory protection for them.”
Potter is calling for consumer redress top become available through an Ombudsman and Client Money Protection similar to an ABTA bond.
He adds: “The market has bounced back in a way that no one could have predicted to levels of demand that have not been seen since the last century.
The levels of demand are the highest since the ARLA survey began nearly a decade ago and are more than double those experienced at the peak of the property boom in 2007.
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