Changed attitude to renting

Friday, January 21, 2011

UK CHANGING ATTITUDE TO RENTING

Renting is becoming increasingly popular, according to research by the Association of Residential Letting Agents.

UK changing attitude to renting

Renting is becoming increasingly popular, according to research by the Association of Residential Letting Agents.

In ARLA's survey of Q4 2010, 71% of landlords asked said they felt renting was more popular now than a year ago. In Q4 2009, the figure was just 35%.

And, when asked about attitudes to renting and whether consumers would rather buy than rent, the majority of respondents (67.2%) felt that people were being forced to rent - a slight drop on the previous quarter (71.6%), but still up on Q4 2009 (54.2%).

Ian Potter, operations manager of ARLA, said: "Our research suggests that, while more and more people seem to be renting post-recession, for many this is through need rather than choice - a trend that will likely continue as long as the demand for homes outstrips supply.

"Further, with the average age to buy a first home now reported to be 35, it's also possible that renting will become the norm for more people than ever before.

"What is important for both 'reluctant tenants' and those who rent by choice, is to conduct thorough research before making a move. While there are many benefits to renting or letting a property, as there is no Government-led regulation, things can and do go wrong.

"If you're letting or renting a property through an agent, check that the agent is a member of an organisation such as ARLA, which ensures landlord and tenant money is protected by a client money protection scheme.* ARLA agents are also required to be members of an ombudsman scheme which can offer redress if things to go wrong."

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Editor Notes:

About ARLA's research

The data from the ARLA Survey of Residential Investment Landlords, covering Q4 2010, surveyed 292 landlords. Together with the ARLA Members' Survey of the Private Rented Sector, the report forms the ARLA Review and Index. All surveys and statistics can be downloaded from www.arla.co.uk.