The green shoots of life in the UK property market over the last three months have seen the number of properties to let reduce, as property owners are returning to the sales market.
Many property owners who have been unable to sell their homes, became ‘reluctant’ landlords during the financial crisis, taking the opportunity of earning some income from their property while the sales market declined.
The availability of properties to rent from May 2008 to May 2009 more than doubled, recording an increase of 119% over the year, reports findaproperty.com, in their latest analysis of the UK market.
The findings predict that the over supply of rental properties will slowly drop as the sales market grows, resulting in a return to normality in the rental sector. The result of course will mean that renters will ultimately find themselves victims of rising rental prices as supply of accommodation becomes harder to come by.
Michael O’Flynn, Director of FindaProperty.com, said: “The flood of rental properties put on the market by reluctant landlords is starting to subside so rents are no longer in free fall, and indeed are starting to recover. If the sales market continues to strengthen as it has done since April, this is likely to further support recovery in the rental market as landlords are encouraged to sell before interest rates start rising, reducing rental supply.”
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