Rental property supply sees monthly upturn

A pleasing new report has revealed that buy-to-let investment has not wavered in the face of the Brexit vote.

In fact, the number of new rental listings increased by 3.6% during July, according to latest figures released by board supplier Agency Express.

Despite this boost, the total number of rental properties available is still 1.5% lower than the same period one year ago.

The number of properties actually let also fell by 5.2% between June and July. Annually however, 3% more properties were let in this period compared to the same time in July 2015.

Regional rises

For new listings, the North West led the way for monthly increases, recording a rise of 12.8%. There were also rises in the number of landlords taking out insurance in the West Midlands, (9.1%), the East Midlands, (8.8%) and Yorkshire and the Humber (8.1%).

Interestingly given the overall rise in properties coming on to the market, only five of the twelve regions looked at in the study report increases.

Coming out as the best region for properties let during the month was Central England, with a rise of 7.1%. Next came the East and West Midlands, where rises of 3.7% and 2.2% respectively were recorded.

There was less good news in the North East, where an extremely poor month saw listings in the region fall by 10.3% between June and July. In addition, the number of rental properties in the area dropped by 18.5% during the same period.

Rental property supply sees monthly upturn

Rental property supply sees monthly upturn

Movement

Stephen Watson, managing director of Agency Express, observed, ‘this month we have seen slower movement throughout the UK lettings market. While some decline can be expected during the summer holiday period, the Property Activity Index shows a greater fall in activity than in years previous.’[1]

[1] https://www.landlordtoday.co.uk/breaking-news/2016/8/monthly-boost-for-rental-property-supply

 

 

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