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ARLA Predicts Private Rental Sector Faces Mixed Outlook
The Association of Residential Letting Agents is predicting a mixed year for the private rental sector, and even though recent measures unveiled by the government could help to get the housing market going once more there are concerns that things may get worse before they get better. It will be quite some time before the full impact of the new measures can be assessed and in the meantime it is expected that there will continue to be a lack of rental property. A recent survey showed that nearly three quarters of ARLA members had more potential tenants than available rental properties, although the situation may be improving in certain parts of the country.
ARLA is also predicting that repossessions and arrears within the private rental sector will increase, especially with unemployment at its highest level for 15 years. The unemployment figures cannot help but impact both landlords and tenants, and it is vitally important to carry out the relevant checks on tenants. The best way to do this is to let property through responsible letting agents in Nottingham who are experienced at carrying out these checks, and who are more able to spot any signs that a potential tenant may not be as financially stable as they appear. Even so it is impossible to predict whether a tenant will remain solvent in the near future.
Although 2012 is likely to be a challenging year for many of us, it could also see more regulation within the lettings industry being introduced. At the moment there are far too many unscrupulous landlords and letting agencies that are able to get away with substandard accommodation and services. Any measures which improve this industry are to be welcomed.