Rental sector set to remain strong in 2008, experts predict |
20 2007 |
| Increased levels of immigration, a growth in the number of people choosing to live alone and the ongoing affordability issues facing would-be first-time buyers means that the rental property sector will remain strong in 2008, experts have stated. Writing its New Year predictions, Mortgages for Business has also cited statistics from the Association of Residential Letting Agents (Arla) which show that demand among prospective tenants for rental properties is currently at a five-year high. According to Arla, demand for rental property is particularly strong in the south-east, where competition among renters remains strong due partly to the higher salaries and better job opportunities offered by the region. Last month, Ian Potter, the head of operations at Arla, explained that the increased demand for rental property is largely driven by the growing numbers of young professionals being priced out of the housing market. "These latest figures confirm that the private rented sector will once again be the safety valve for a housing market worried by the current financial uncertainties and the softening of house prices," he said.  |
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