Rental properties in UK reach highest supply level

ukAs per the rental tracker report from property portal Rightmove, There are more properties available in the UK’s private rented sector but despite this improvement in supply rents are continuing to increase. Supply increased by 7% in the second quarter of 2017 outside of London. Within London, asking rents have decreased by 0.2% compared with the previous quarter, averaging £1,934 per month. Ascot, Bath, Salford, Newcastle, Leeds, Cambridge, Birmingham, Cardiff and Aberdeen currently offer some of the biggest concentrations of available properties in the private rented sector based on the areas with the highest numbers of available rental properties, as a proportion of total housing stock in the areas.

Rightmove’s, Head of lettings Sam Mitchell: “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 still feel it’s a better investment than looking to other industries. It could spell good news for tenants coming to the end of their lease as they might 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.”

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