Over the last few years the property rentals market saw an upturn in ‘accidental landlords’. This is a landlord not by choice, but rather through circumstance. Perhaps a property they owned was struggling to sell, or perhaps the market value of a property prevented the owner from moving on themselves. Renting out their existing home allowed many people to buy another home without selling their property, or allowed them to keep hold of a second property until such time as the market improved.
Figures from the Association of Residential Letting Agents (ARLA) latest quarterly report however now suggests that the number of people letting out properties because they have been unable to sell has dropped to a record low.
Ian Potter, Managing Director of ARLA, said: “The resurgence of property prices and buyer demand in many areas is reducing the number of so-called ‘accidental landlords’. Despite the reduction of landlords in this situation, wider investment in rental properties remains strong across the market. The shape of the private rented sector is changing once again, with long-term landlords returning to the fore.”
The percentage of letting agents seeing rental property becoming available because it cannot be sold has fallen to 13 per cent. The number has been gradually reducing over the last 4 quarterly reports and at the start of 2009 the figure was an incredible 94 per cent.
ARLA also found 45 per cent of landlords let a property to earn a rental yields int he short term and capital growth in the longer term and 37 per cent also revealed they saw their rental property as a nest egg for the future.
Whether you have a single property or a portfolio you need a team you can trust. Ryder & Dutton’s Lettings Department work to make letting your property as easy and stress free as possible. Our aim is to do the simple things right, maximising your income, lowering your risk and giving you peace of mind.
We can provide a full management service or a tenant find only service. For any advice regarding renting your property out speak to us on 0161 626 6800 or visit the website for more information.