New research from property crowdfunding platform, Property Partner, reveals that nearly six in ten UK towns and cities saw increases in new buy-to-let listings coming onto the market in November.
The report shows that this was the second straight month of increased growth, with an average increase of 6.8%.
In contrast, London saw another fall in new listings, with a -1.2% slip.
Property Partner’s study looked at 89 UK towns and cities and looked at the number of new rental properties coming on to the market during 1st-28th November. The firm then compared these figures to the same period in October.
Bristol saw a huge rise in listings, with a 162.7% month-on-month increase- going from 1,329 new rental listings to 3,492.
Investors had also seemingly been taking out landlord insurance on properties in Southampton, Portsmouth and Huddersfield, with supply up 108.2%, 102.8% and 101% respectively.
However, it was not all good news. There were significant falls in the number of new buy-to-let properties in regions of the North and East Midlands.
Derby saw a fall of more than 33%, with just 123 new rentals coming onto the market during the month.
In London, 18 boroughs saw falls in new rent. The most prominent were in Kingston upon Thames, Barking and Dagenham and Kensington and Chelsea, with falls of 12%, 10.7% and 10.4% respectively.
Dan Gandesha, Founder and CEO of Property Partner, noted: ‘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,’ he continued.
Concluding, Mr Gandesha said: ‘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.’