The 'reluctant landlord' - a phenomenon that emerged during the recession as homeowners were forced to let their property rather than sell it - has returned to the rental market, according to East Midlands residential lettings agents, Hodgson Elkington based in Lincoln.

"We and other members of the Association of Residential Letting Agents (ARLA) in our region have seen an increase in the number of rental properties coming onto market because they can't be sold," said Jill Elkington, East Midlands spokesperson for the Association of Residential Lettings Agents (ARLA) and residential letting manager at Hodgson Elkington LLP, the Lincoln-based chartered surveyors.

The number of reluctant landlords peaked during the recession when at the beginning of 2009, some 94 per cent of agents surveyed reported an increase of property coming onto the rental market because it could not be sold.

"The rise of the reluctant landlord seems to reflect wider market uncertainty and instability. There is a dearth in available property either to rent or buy, yet people are holding back from selling, perhaps strategically, to secure the best price; or more likely because they simply can't find a suitable buyer," said Jill Elkington.

"While we welcome new landlords to the market, this trend is not without risks. Letting a property can be full of potential hazards, especially for inexperienced landlords - from material issues, such as a tenant mistreating a property, to financial problems, such as landlord inability to meet mortgage payments.  A qualified, licensed agent can help guide both landlord and tenant through the process, to ensure neither party is left out of pocket," added Jill Elkington.