There is severe housing shortage in rental property market to meet consumer demand in the UK – and the situation is worsening, according to ARLA.
The Q1 research from the Association of Residential Lettings Agents (ARLA) shows that insufficient supply of good quality property means that the private rented sector (PRS) is struggling to meet demand. With the PRS picking up the slack from the housing market, ARLA believes that the next Government must focus on averting the sector from crisis.
“More than two thirds of our agents have seen demand outstrip supply across the country – there simply isn’t enough housing stock coming onto the rental market. The Government’s move to help first-time buyers by raising the Stamp Duty threshold was a step in the right direction. Now we need to see tangible measures to support the PRS,” said Ian Potter, operations manager of ARLA.
“Investors need to be treated as businesses, with proper incentivisation to invest in and refurbish older properties. This will improve standards, help the environment with improving insulation, and encourage much-needed investment to help get the market back on its feet.