propertytalk Live! - Expansion of rental sector predicted to continue well into 2012
Demand for rental property will continue to outstrip supply for much of 2011 and into next year, according to the Association of Residential Letting Agents (ARLA).
“The lack of new rental stock for the private rented sector (PRS) was the dominant factor in the market last year, and will continue well into 2012 because of the broader issues of diminishing housing supply and lending drying up,” said Ian Potter, operations director of ARLA.
“The Leader of the Labour Party, Ed Miliband, recently flagged research that shows 41 per cent young low-to-middle earners live in privately rented accommodation compared with 14% in 1988. This trend looks set to continue while mortgages are so hard to come by and the capital barriers to home ownership appear so entrenched.”
The majority of ARLA member offices (59 per cent) believe that demand for rental property will continue to outstrip supply in 2011. Almost four in ten ARLA offices believe that more private landlords will enter the market over the next 12 months.
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