New research from the Association of Residential letting Agents (ARLA) suggests that so-called 'reluctant landlords' might become a thing of the past.
The term was coined for those who decided letting their property because it could not be sold. ARLA members have reported a decrease of 5% in properties being let because they couldn't be sold over the last three months, bringing the total figure of 'reluctant landlords' to 21% of the residential property market.
The numbers are even more impressive when we compare them to last year's when ARLA members recorded that up to 42% of landlords had entered the market as a last resort.
ARLA's Managing Director, Ian Potter, puts some of these developments down to the increased activity in the residential sales market which will have caused a number of people to leave the lettings market and sell their property as originally planned.
The developments mean that competition for great value rentals may increase over the next few months. However, in our experience many reluctant landlords have not only been reluctant to enter the lettings market, but in many cases their properties have not necessarily been the most desirable for potential tenants.
This is not about properties not being looked after, it's simply the difference between a property bought with its potential as a rental in mind and a property bought as a family home. In Edinburgh, residential lettings have traditionally been strong. Especially sought after are larger, traditional tenements in areas popular with students. Whilst there is some competition over the more popular ones and viewings are usually very well attended, students do find somewhere suitable to live - although they may have to compromise on location at times.
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