Big drop in available property to rent

Almost all of the UK’s major towns and cities saw fewer available buy-to-let properties listed during August when compared with July.

Property Partner, which analysed Rightmove data, found that there was a 15% drop in the number of rental properties listed between July and August.

It says that nine in ten towns and cities recorded fewer new listings last month compared with July – the best performing month since the stamp duty surcharge was introduced in April.

The number of new rental properties being advertised on Rightmove dropped by 36.5% in Hartlepool during August, with falls of over 25% also recorded in Canterbury, Wakefield, Loughborough, Colchester and Cardiff.

Buy-to-let property listings were down 16.4% in the capital, while in Manchester and Birmingham, new rental adverts on Rightmove fell by 18% and 16% respectively.

“There’s usually a seasonal drop off in new rental properties coming onto the market over the summer. But July saw the highest numbers of buy-to-lets being advertised since the stamp duty hike in April whereas last month experienced some dramatic falls in most parts of the UK,” says Dan Gandesha, chief executive of Property Partner.

If September fails to pick up and there’s a shortage of available rental properties, rents could be pushed up,” he says.

“Hopefully for tenants, this won’t be the case.”

Gandesha says as demand for rental homes has continued to increase over the last decade, more tenants are becoming long-term renters and subsequently demanding a higher quality of service from their landlords and agents.

Top 20 towns and cities with biggest decrease in rental property listings during August:

Town/cityRegion% Decrease in new rental property listings
HartlepoolNorth East-36.54%
CanterburySouth East-30.45%
WakefieldWest Yorkshire-28.48%
St. HelensNorth West-24.86%
LeedsWest Yorkshire-23.93%
LutonSouth East-22.54%
ChesterNorth West-22.42%
BrightonSouth East-21.35%
SunderlandNorth East-19.89%
SloughSouth East-19.73%
Stockton-on-TeesNorth East-19.08%
TauntonSouth West-19.07%
SouthamptonSouth East-18.62%

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Written by: Houseladder