Rental property oversupply in the UK is easing, according to the latest survey by the Association of Residential Letting Agents (Arla).

The research also indicates that the number of new tenancy agreements being organised in the UK was on the rise in the third quarter of 2009.

Some 33 per cent of Arla members surveyed said that supply and demand of rental property is in balance, which is a 14 per cent rise on the previous quarter.

Ian Potter, operations manager of Arla, said: "This shift in the balance of supply and demand is extremely significant for the private rented sector."

He added that the change is further evidence that the whole housing market is making a recovery.

On the matter of tenancy agreements, the study found that 83 per cent of Arla members signed up ten or more tenancies in the second quarter of the year, compared to 79 per cent in the three months before.

Furthermore, each member signed up an average of 36 new tenancies - up 3.4 quarter-on-quarter.

At the start of the year, there were widespread reports that landlord rent was down year-on-year due to an increasing number of people joining the buy-to-let sector. However, the new findings suggest landlords could soon see rents rise again.

Written by Mark Garner

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