The recession and subsequent housing market decline has created a wave of reluctant landlords – homeowners who have to let out their property because they cannot sell it, says the Association of Residential Letting Agents.
Research conducted by ARLA showed that more than a third, 34% of member offices surveyed during Q3 2010 saw an increase in the number of rental properties coming onto market because they couldn’t be sold.
This has caused an influx of former privately-owned homes.
Ian Potter, operations manager at ARLA, says: “While homeowners forced to let out their home can reap significant benefits by holding on onto their property, becoming a landlord for the first time can be a stressful experience.
“Successful letting isn’t simply about finding a tenant, signing a contract, and handing over the keys – there are important steps any every landlord should take when letting out a property that was once their home.”