CONFIDENCE PREVAILS IN THE UK PRIVATE RENTAL SECTOR

-Upad’s Rental Confidence Index indicates landlords continue to feel more positive about the market-

57 percent of UK landlords feel more confident about the buy-to-let market for February 2010, compared to January. This is the major finding from Upad’s Rental Confidence Index.

However, this figure is lower than the finding for the same poll conducted last month, which stood at 64 percent.

Survey respondents leaving comments stressed the increased positivity with the private rental sector, but highlighted lingering issues surrounding arrears and finances. Statements included:

• “Rental is stable but arrears are mounting due to job losses.”
• “More confident of the lettings market at the lower end.”
• “Mortgage rates look like staying low at least until the end of the year.  Because there are less completions, there is slightly more demand…”

For the 43 percent feeling less confident about the market, comments included:

• “There is so much competition. Too many properties around and houses lying empty.”
• “I am wary of the damage high interest rates will do to UK property.”

James Davis, founder and CEO of Upad, commented: “For the third consecutive month since we launched the Index, landlords have highlighted their growing confidence in the market.

“Whilst it’s not a huge majority, I do believe we have turned a corner and that we will continue to see a greater number of new entrants to the sector, as banks begin to open their doors to lending, and renting becomes increasingly popular.”

Upad launched in October 2008, enabling landlords to advertise each property for a one-off cost of £59.  The service then became available to the 1.5 million landlords across the UK in May 2009.

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