15:26 PM, 3rd April 2012, About 12 years ago 1
Letting agents reporting a rising number of homeowners renting out their properties because they cannot sell has more than doubled in a year, says the Association of Residential Letting Agents (ARLA).
The latest figures show almost half of letting agents (47%) were letting properties that the owners were unable to sell – up from 18% a year earlier.
ARLA blames difficulties in arranging mortgages for buyers as the main reason for the increasing number of reluctant landlords.
Operations manager Ian Potter said: “The rise suggests homeowners are struggling to sell their homes due to the sluggish market are increasingly looking to the private rented sector to utilise their property in the short term.
“Renting a home short-term is a good option for anyone who has found a buyer for their home, but not found the right property to buy themselves. Equally, for anyone ‘testing’ a new area before committing to move there, or working away from home for short periods, renting can offer more stability and home comforts than a hotel.”
Short-term lets can range from a week to several months, and are common in cities holding major sports and cultural events, like the London Olympics and the Edinburgh Festival.
ARLA has also issued advice for landlords contemplating short term lets: