Frustrated first time buyers looking to rental

12-Jun-2007

Rental accommodation across the UK is continuing to experience a shortfall of supply, in part due to frustrated first time buyers being forced to turn away from the property ladder for the time being.

Rent levels rose during the three months to May, the Association of Residential Letting Agents (Arla) has reported, with void periods now down to just 24 days on average.

A lack of good quality properties is also affecting the sector, with excessive demand and inadequate supply levels following the same pattern as those found in the housing market as a whole.

"There is a shortage of all forms of housing in this country and these results show that the shortage of good quality property is also apparent in the rented sector," advised Arla chief executive Adrian Turner.

"Over the last decade, it has become increasingly difficult for young people to gain a foothold on the housing ladder," advised National Housing and Planning Advice Unit chair Stephen Nickell last week.

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