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Property rentals 'down in last quarter'

1st November 2012 | back to article listings BACK    print this article PRINT

The number of rental agreements signed in quarter three of 2012 fell by over 10% compared with last year's figures, according to information released by the Association of Residential Letting Agents (Arla).

The fall comes despite August and September being a typically busy period for estate agents and the UK property market in general.

However, the number of estate agents in London that registered ten or more new tenancies dropped from 81% in 2011 to 70% in 2012. On average, in quarter three 31 new rental agreements were signed per London estate agent.

The managing director of Arla, Ian Potter, said: "It would appear that the London rental market, unsurprisingly, experienced the worst of the pre-Olympic nerves. New tenancies were down in the traditionally busy August/September period this year, despite strong evidence of ongoing demand."

The reduction in London was not mirrored elsewhere in the country though. Estate agencies in the rest of the UK saw the average number of new tenancies rise to 38.

Copyright Press Association 2012

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