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29 Nov 07 - Rental Demand Hits Five-Year High
More and more consumers are being priced out of the property
market, pushing demands for rented properties to a five-year
high, research has found.
The Association of Rental Lettings Agents (ARLA) said so
many people now want to rent a home that up to two thirds
of letting agents across London have more prospective tenants
than properties. More than half of private letting agencies
in the South East cited the same problem, while across the
country up to 40% of agents are reporting a shortage of
available properties.
The body suggested this may be down to more people being
priced out of the housing market, but also claimed a slowdown
in prices was putting consumers off buying a home.
Ian Potter, head of operations for ARLA, said: "This
peak in demand should come as no surprise. "It has
been driven up by the many competing demands for rental
accommodation and now we have softening house prices. Softening
in the sales market is always a driver of further demand
in the rental market."
Source: Association of Rental Lettings Agents
News items supplied by SelectNews, produced by PA Business,
part of the group that owns The Press Association, the UK's
national news agency. Copyright (c) PA Business 2007.
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