26 March 2010

Rentals Cannot Take the Strain of UK Housing Shortage

The UK is in “dire need” of good quality rental accommodation, according to a survey at this year’s annual conference for the lettings industry.

The Association of Residential Letting Agents (ARLA) conducted the poll to assess the state of the Private Rented Sector (PRS).

More than half (58%) of respondents at the 2010 ARLA annual conference highlighted the issue of insufficient supply of rental stock as the biggest issue facing the sector.

Ian Potter, operations manager at ARLA, said: “This is a very serious issue. At the end of last year we highlighted that a lack of properties will be a defining factor in the housing market in 2010 and our member agents across the country have confirmed this opinion as fact.

“The UK is in dire need of good quality rental accommodation to counter the lack of broader housing supply across the country and the PRS needs tangible Government support to help achieve this. This should be in the shape of incentives for improvements on older properties, assistance for landlords in gaining mortgage finance, and regulation to drive unethical letting agents out of the industry.

“2010 has already brought a number of Government proposals for the PRS but few firm decisions. Significant policy decisions will be set out in the coming months of the election and it is imperative that all the parties factor the PRS into their strategies on the national housing supply.”

ENDS

Editor Notes:

About ARLA

The Association of Residential Lettings Agents (ARLA) was formed in 1981 as the professional and regulatory body for letting agents in the UK. Today ARLA is recognised by government, local authorities, consumer interest groups and the media as the leading professional body in the private rented sector. ARLA is a sister organisation to the National Association of Estate Agents (NAEA).

In May 2009 ARLA became the first body in the letting and property management industry to introduce a licensing scheme for all members to promote the highest standards of practice in this important and growing sector of the property market. Both ARLA and NAEA members are governed by Codes of Practice providing a framework of ethical and professional standards at a level far higher than the law demands, and both Associations have their own complaints and disciplinary procedures so that any dispute is dealt with efficiently and fairly.

For further information contact: ARLA PRESS OFFICE Tel: 020 3128 8181 E-mail: press@nfoppmedia.com