Demand in the rental market has returned for the first time since the recession began, it was claimed today.
The residential rental market is beginning to stabilise with property oversupply decreasing across the UK and the number of new tenancies increasing, according to the Association of Residential Letting Agents (ARLA).
Results from the latest ARLA survey of its members show that the historical decline in numbers of tenants, which led to a surplus of properties to rent, is coming to an end.
83% of ARLA members signed up 10 or more tenancies during the last quarter, compared to 79% last quarter. Each member signed up an average of 36 new tenancies, compared with 32.6 last quarter.
33% of members surveyed felt that supply and demand of properties is in balance this compares with just 19% last quarter.
Ian Potter, operations manager of ARLA, said: “This shift in the balance of supply and demand is extremely significant for the private rented sector. It gives further evidence to suggest that the property market as a whole is getting back on its feet.