Telling me something I already knew

Isn't it great when an official report confirms what you are experiencing "on the ground"   The ARLA report that came out this morning confirms what we already were aware of, that demand has never been higher.  Anecdotal evidence supports this with our stocks at an all time low and with unprecedented enquiry numbers.  Speaking to estate agents they are telling me that what they can't sell at the moment is 1-2 bed flats for 1st time buyers, just the type of property that we want for letting.  So with this in mind I was emailed this today and I thought it worth putting straight on the blog. 

The buy-to-let market is continuing to experience unprecedented levels of demand, suggesting that Paragon’s re-entry this month to the specialist lending market after an 18-month gap will prove extremely timely.??

The number of tenants seeking rental properties has reached an eight-year high, according to the Association of Residential Lettings Agents.

Ian Potter, operations director of ARLA, said: “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.??

“More than 70% of our agents have stated that consumers coming to their offices are being forced to rent because of the pressure exerted on potential home buyers. This is real evidence of a generation forced into renting.” ??

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 home ownership property buying boom in 2007.??Demand is highest in the south-east where 81% of agents have stated that there are more tenants than properties compared to 67% in the rest of the UK and 73% in central London. 

Potter added: “It has to be hoped that this unprecedented growth in the rental market will attract much-needed investment into the private rental sector as it copes with the huge surge in demand from a generation who cannot afford to buy.”

What does this mean for our landlords?

1. Rents are beginning to increase after 2 years of stagnation/reductions

2. If you are thinking of investing in a buy to let, now maybe the time to look into it?

3. If you have a property to let call Accommodation Unlimited