ARLA Members Report Further Increase in Number of Accidental Landlords

02 October 2012 Categories: News

ARLA Members Report Further Increase in Number of Accidental Landlords

Members of ARLA, the Association for Residential Letting Agents, have recently been reporting a steady increase in the number of accidental landlords registering properties with them. The majority of properties being let by those who are finding it difficult to sell are new-build flats and apartments, with the major cities seeing the largest influxes.

According to ARLA, over 43% of its members have experienced a sharp increase in the number of flats and maisonettes being registered with them, hinting that the property sales market is continuing to struggle. Similarly Paragon Mortgages, one of the largest buy to let mortgage lenders in the UK, have reported a small increase in the number of applications from homeowner mortgage holders wanting to swap to a buy to let mortgage.

Strangely though, Paragon also recently said that nearly 60% of its current clients were planning to buy either a flat or apartment when they next expanded their portfolio, showing that this type of property is in demand in a lot of regions, and especially in the major cities where they provide tenants with a cheaper cost of living and landlords with the best returns.