Rental property 'growing in popularity'
Renting appears to be growing in popularity in the UK, new research has shown, which may explain the allure of property to rent in London.
A poll carried out by the Association of Residential Letting Agents (ARLA) discovered that 71 per cent of landlords believe renting has become more popular during the last 12 months.
When a similar survey was conducted in the final quarter of 2009, this figure stood at just 35 per cent.
Ian Potter, operations manager of the ARLA, said that renting is likely to remain popular in the coming years, as the UK is suffering from a lack of affordable properties to buy.
"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," he added.
Recent research by the ARLA found that tenants in property to rent in London have the least problem paying their landlords, with only 27.9 per cent of the group's members in the city having arrears on their books - compared to the UK average of 46.4 per cent.
Posted by Ben Carter
Published 24th January, 2011
© 2011 Estates IT Limited
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The Association of Residential Letting Agents believes that more people are renting rather than buying their homes.