Ian Potter, managing director of ARLA, said the private rented sector will continue to see strong demand throughout 2013 particularly in London and the South East due to the lack of affordable mortgage finance coupled with borrowing caution from consumers.
He said: “The private rented sector will likely play an even more crucial role in the housing market in 2013 as renting becomes a default choice for many people who simply cannot afford to own a home or are too cautious to take out mortgage finance.”
Potter cautioned that the increased demand will put quality and standards under a greater spotlight where some quarters of the private rented sector let the wider market down.
He added: “Next time will be time for unscrupulous agents and landlords to put up or shut up. Consumers are rightly calling for much higher standards and we are seeing demand for licensed ARLA agents grow amongst tenants and landlords alike.”
