News
Supply of rental properties is increasing along with asking rents
Thursday 13th July 2017
According to the rental tracker report from Rightmove, the supply of properties in the UK's private rented sector has increased by 7% compared with the same period last year. However along with the number of available properties rising, so too are the asking rents with the average rent being £790 per month, an increase of 2.8% compared year on year.
Tenants looking in Ascot, Bath, Salford, Newcastle, Leeds, Cambridge, Birmingham, Cardiff and Aberdeen will benefit from the biggest concentration of available properties, as a proportion of total housing stock in those areas.
The widened choice has come despite the rise in stamp duty for additional homes and new tax changes being phased in.
"Many thought that rental supply would constrict this year, as landlords sold up and looked to invest their money elsewhere, but clearly this isn't happening yet. Perhaps landlords are re-mortgaging their buy to let properties instead, as they feel it's a better investment than looking to other industries" said Sam Mitchell, head of lettings for Rightmove.
"It could spell good news for tenants coming to the end of their lease as they may find there is slightly more choice than last year. Anyone hoping for a drop in prices due to the extra choice will be disappointed though as rents are following a very similar trend to previous years" Mitchell added.