HomeLet conducted an independent customer satisfaction survey in December 2009 which revealed that 98% of agents expect the lettings market to stay the same, grow or grow substantially in the next 12 months. This is up by 12% on January 2009.
This figure reflects the results of recent research by ARLA which revealed that the surplus of rental property is reducing, while demand for properties is rising.
According to ARLA, this shift has generated a wave of reluctant tenants. During Q4 2009 41% of members reported that there were more tenants than properties – compared with just 24% in Q3 2009. In addition, ARLA research among landlords revealed that 54% of those asked felt that consumers were being forced to rent rather than buy.
Managing director of HomeLet, John Boyle, said: “Demand for rental properties will remain strong over the next few years as first-time buyers continue to find it difficult to obtain mortgage finance.
“Confidence in the buy-to-let market is also likely to be buoyed by figures released by LSL Property Services which showed gains of 7.6% in the private rental sector over the last 12 months, and a gradual increase in buy-to-let lending as the year progresses.”