04/09/2009 - Decline in 'forced house-letting'
The number of people being forced to rent out their homes because they could not be sold has decreased according to research, as the housing market begins to pick up.
According to the Association of Residential Letting Agents (Arla), there was a drop in the number of its members dealing with reluctant landlords from April to June.
The proportion of agents who handled properties for homeowners who had no option but to let out their homes remained at 80%, but was well below the peak of 95% in November.
In the second quarter, the housing market began to show signs of stabilising, with reports of price rises coming in from across the country during two of the three months.
Figures from the Bank of England showed that as buyers returned to the market, the number of mortgages for house purchases increased.
London and South East saw the most dramatic drop in the number of rented-out properties that could not be sold - it declined from a high of 92% in both regions, to 72.5% for London and 78% for the south East.
Copyright © Press Association 2009
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