Since the lifting of lockdown measures last week, there has been a significant increase in the number of rental properties hitting the market. According to analysis from rental stock figures sourced from Rightmove and Zoopla, the number of rental properties coming onto the market has surged by up to 44 per cent in some cities across the UK. This comes as landlords and letting agents find themselves able to resume business meaning that the UK rental market is improving.
The research by Howsy shows that the number of rental properties currently listed across the major portals after lockdown restrictions were eased across the UK property market before this was compared to the number of properties listed in April.
The data reveals that across 23 major cities in the UK, the number of properties available for UK tenants to rent has seen an instant uplift of 5 per cent on average. This increase has come from only seven cities, while the rest have seen further declines in rental stock levels.
The largest increase based on the sheer number of properties have been in London. The city has seen an additional 6,838 immediately hitting the portals, a rise of 15 per cent. However, in terms of percentage increases, Edinburgh faced the largest influx with an uplift of 44 per cent. Cambridge followed with 19 per cent, while Aberdeen has seen a 16 per cent increase.
Glasgow (6 per cent), Oxford (5 per cent), and Manchester (0.2 per cent) have also seen a rise in rental stock levels.
Some cities, however, are yet to see recovery on the market. For example, Bristol has seen stock levels fall by 22 per cent since April. What’s more, both Bournemouth and Plymouth have seen a loss of 17 per cent each.
Callum Brannan, founder and CEO of Howsy, said: “Many in the rental sector will be breathing a sigh of relief with such immediate green shoots of market activity returning to a number of cities following an ease in lockdown market restrictions.
“Of course, other pockets of the market will take longer to see this positive trend emerge as agents and landlords find their feet operationally.
“We’re certainly not out of the woods yet and the ongoing financial and health implications facing many tenants and landlords will continue to be an obstacle. However, now that we as an industry are able to facilitate them on a greater scale, we can at least start to rebuild momentum in the sector.
“Now, it’s vital that landlords receive the support and protection they need from us as an industry, to ensure confidence in their investment and to maintain a suitable level of rental stock to meet demand from tenants who rely on these homes in order to live.”
For more home investment advice during Covid-19 pandemic contact Joules Estate Agents today.