Mixed outlook ahead for private lettings sector in UK in 2012 | Europe | News
The private rented property sector in the UK is facing a mixed outlook in 2012 but such challenging conditions may spark improvement in standards, according to the Association of Residential Lettings Agents (ARLA).
It predicts that further imbalance in supply and demand are likely as is a rise in arrears and repossessions as things are set to get worse before they improve.
‘The package of measures unveiled in the government's Housing Strategy could go some way to helping get the wider housing market moving. However it will take time for the measures to have an impact, and in the meantime the issue of a severe lack of stock will continue to affect the PRS well into 2012, particularly in London and the South East,’ said Ian Potter, operations manager at ARLA.
‘Almost three quarters of ARLA members, 74%, already report that there are more tenants than available properties, and this is a story we're likely to see worsen. However, there is some anecdotal evidence in parts of the country that stock levels of rental property could be increasing,’ he added.
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