Nearly six in 10 UK towns and cities saw a rise in new buy-to-let properties coming onto the rental market in November – the second consecutive month of positive growth – with an average 6.8% increase, according to research by property crowdfunding platform Property Partner.
Bristol experienced a staggering rise of new buy-to-lets being listed – a 162.7% increase from 1,329 new rental properties in October to 3,492 in November.
Three other cities also recorded a triple-digit boost in new buy-to-let properties coming on to the market. Southampton, Portsmouth and Huddersfield saw supply rocket by 108.2%, 102.8% and 101% respectively.
Dan Gandesha, Founder and CEO of Property Partner, comments: “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, somewhat silencing any murmurings that we were in for an era of depressed rental supply. In some towns and cities it even appears to be a renters’ market.
While many aspire to own, the demand for rental accommodation is set to grow, with increasing numbers choosing to rent due to a lack of affordable housing for potential buyers.”
“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 the flipside is that many landlords are feeling the 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-lets being sold and a knock-on effect of reduced rental supply in the future.”
In November, London suffered a further dip in new rental listings of -1.2%, following a 3% fall in October.
Meanwhile, a joint report from Mumsnet and Ipsos MORI, combining their annual Veracity Index and online focus groups by Mumsnet, has highlighted that estate agents are the fourth least trusted profession when ranked on opinions about trust, truthfulness and information and experts during the EU referendum campaign.
Just 30% of those asked trusted estate agents to tell the truth, with only journalists, government ministers and politicians in general fairing worse.