There was an 11.5% increase in new rental properties being listed in April, compared to March, according to research by Property Partner.
The property crowdfunding platform looked at the number of new rental properties being advertised on Rightmove last month compared to March in 90 towns and cities across the UK. In 82% of those locations, there was an increase in the number of new rental listings.
Worcester in the West Midlands saw rental listings surge by 48.9% in April with new rental property ads up more than a third in Chelmsford (38.0%), Stevenage (36.4%) and Southport (34.4%).
Of the major cities, new rental property listings in London increased by 9.1% in April compared to March, with the boroughs of Barking and Dagenham (31.8%) and Havering (31.5%) both seeing significant rises. Similarly, in Britain’s second city Birmingham, new rental property numbers were up by 20.7% and Manchester by 14.3%.
Dan Gandesha, CEO of Property Partner, said: “The rental market experienced a much-needed boost in April. Unfortunately, this was created by investor frenzy to beat the stamp duty hike, and supply is unlikely to continue on an upward trajectory.
“If anything, options for tenants could become more limited in the next couple of months as traditional landlords balk at the prospect of paying the surcharge now, and losing mortgage interest tax relief from next year.
“There is still strong tenant demand, but the government has changed the traditional buy-to-let landscape, and this will have ramifications for the rental market longer term. That demand will increasingly have to be met by professional landlords like Property Partner, offering tenants a better product, and investors a better deal.”
