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19/09/2008
Private rented sector 'flourishing' |
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New tenancies have risen dramatically in the last three months, new research has indicated.
According to a survey carried out by the Association of Residential Letting Agents (Arla), the number of people renting property in the UK has risen by 20 per cent.
Published earlier this week, the findings also revealed that rental returns have increased for both flats and houses from 4.8 per cent to 4.9 per cent.
What's more, the study indicated that demand for property exceeds supply in all parts of the country.
Commenting on the findings, Arla's head of operations, Ian Potter, said that the credit crunch is not having a big effect on the private rental sector.
He explained: "This steady rise in rental growth that we see yet again, coupled to clear evidence that there is no unusual selling, proves once again that the credit crunch effect on the private rented sector exists only in the imagination.
"This is underlined by the short void periods and length of time that tenants stay in rental properties."
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