The lettings market is benefiting from an insurgence of "reluctant landlords", reports suggest.
A new study by the Association of Residential Letting Agents (ARLA) found that the in-demand lettings industry is benefiting from the stagnating sales sector, as more homeowners realise they can see bigger yields from renting as opposed to selling their property, mortgagesforbusiness.co.uk reports.
Whether a short-term option to allow the sales sector to recover, or a long-term source of income, more homeowners are taking to letting their property pre-sale, with 47 per cent of ARLA-registered letting agents witnessing the trend. The figure has risen from 40 per cent witnessed at the beginning of 2011.
The trend was most prevalent in the North of England, where over 60 per cent of landlords noted a rise in reluctant landlords. London, however, saw the lowest figure, registering just 17 per cent.
Speaking to arla.co.uk of the trend, ARLA president Tim Hyatt explained: "Letting a property is an excellent way of generating consistent income from your property, if the correct approach is adopted by prospective landlords.
"While we are, of course, happy to see an increase in the number of landlords, it is vital that every landlord - reluctant or keen - seeks expert advice before embarking on a rental arrangement."