Rental property numbers fall 15 per cent

Rental property numbers fall 15 per cent

Last month saw a 15 per cent drop in new rental properties listed across the UK compared to July.

The study, conducted by crowdfunding platform Property Partner, found falls in new rental listings across the country, with Hartlepool suffering the most.

Property Partner looked at the number of new rental properties being advertised between 1st August and 28th August, and compared it to the same period in July.

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In most areas there was a fall in advertised rental properties, with the north east suffering the greatest shortage of new buy-to-lets.

Canterbury saw a 30 per cent reduction in buy-to-lets on offer since July, while Wakefield and Loughborough also suffered large falls.

Of the major English cities, London saw new rental property listings down 16.4 per cent between July and August. While, in Manchester and Birmingham, new rental ads fell 18.4 per cent and 16 per cent respectively.

Dan Gandesha, CEO of Property Partner, said: “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.

“Traditional landlords have had it hard of late. Alongside the stamp duty surcharge, the banks have imposed tougher lending criteria, and cuts to mortgage interest tax relief will begin to take effect next year.

“Profits have been hit and this could force many landlords to sell up. If September fails to pick up and there’s a shortage of available rental properties, rents could be pushed up. Hopefully for tenants, this won’t be the case.”