UK rental listing increased 7% in November

scotland-priceNew rental listings in UK up by 7% in November. The second month in a row of positive growth, with almost 60% of towns and cities seeing a rise. Four cities recorded triple digit increases in new rental supply, including Bristol which was up 162.8% compared to October but London recorded a fall of 1.2% in new buy to let properties on the market. There were significant falls in number of new buy to let properties in North and East Midlands.

Dan Gandesha, chief executive officer of Property Partner: “It has been another encouraging month for prospective tenants on the hunt for new rental properties. Both October and November saw consecutive increases in the supply of new listings, rather silencing any murmurings that we were in for an era of depressed rental supply. With the private rental sector almost doubling in the past decade, and one in five households in England now in private rented accommodation, it’s vital to ensure good quality homes which are professionally managed. But many landlords are feeling financial squeeze due to recent tax changes and stricter lending criteria. Imminent cuts in mortgage interest tax relief may just make it impossible to make ends meet, particularly in London and the South East, resulting in many buy to let being sold and a knock-on effect of reduced rental supply in the future.”

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