Demand for rental accommodation is 'soaring', landlords report |
28 2007 |
| Demand for rental accommodation has reached its highest level for five years, the Association of Residential Lettings Agents (Arla) has revealed. With growing numbers of young professionals being priced out of the property market, a majority of UK letting agents have reported that they are struggling to cope with the high demand. Two-thirds of those in London said they have more prospective tenants than properties to rent, with 57 per cent of those in the south-east experiencing a similar problem. Commenting on these latest figures, 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." The biggest boom has been seen in central London as the capital continues to draw in both students and young professionals. Over the past five years, the increase in supply over demand has grown 13-fold, according to the professional body.  |
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