Buy-to-let listings rose 7% in November
Nearly six out of 10 UK towns and cities saw a rise in new buy-to-let properties coming onto the rental market in November, according to Property Partner, meaning it was the second consecutive month of positive growth.
The property crowdfunding platform said this represented an average 6.8% increase.
Bristol saw the biggest 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.
Southampton, Portsmouth and Huddersfield saw supply rocket by 108.2%, 102.8% and 101% respectively.
Dan Gandesha, CEO of Property Partner, said: “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.”
But it was not all good news, with significant falls in the number of new buy-to-let properties in towns and cities in the North and East Midlands, as well as in the capital.
Derby suffered the biggest fall, a drop of more than 33% with only 123 new rentals coming onto the market in November.
London suffered a further dip in new rental listings of -1.2%, following a 3% fall in October, and more than half (18) of London’s boroughs noted falls in new rentals.
Kingston upon Thames experienced a 12% drop with Barking and Dagenham (-10.7%), Kensington and Chelsea (-10.4%), Merton (-10.39%), Camden (-10.4%) and Redbridge (-10.2%) seeing double-digit decreases.