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UK Rental Property Market Stabilizing: ARLA

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The rental property market in the UK is showing signs of stabilization, with the property oversupply decreasing, a report by the Association of Residential Lettings Agents or ARLA said Monday.

The report said about 83% of the ARLA members signed up for 10 or more tenancies during the September quarter compared to only 79% in the preceding three months. Each agent had an average of 36 new tenancies compared to 32.6 previously.

About 33% of agents thought supply and demand conditions were back in balance in the September quarter compared to 19% in the second quarter. The survey also indicated that the shift suggest that confidence was rising among prospective tenants, with people feeling unsecured about setting up homes 12 months back feeling more secure now. Further, the average period a property was empty for between tenants came down to 4 weeks in August from 4.3 weeks in May.

(Market News Provided by RTTNews)

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