The UK saw new residential rental property listings increase by 6.8% in November - the second month in a row of rising rental supply, according to research which found that nearly six in 10 (58.5%) UK towns and cities saw rises in new rental properties being listed in November.
The study identified 89 UK towns and cities, analysing the number of new rental properties being advertised between the 1st and the 28th of November, and then compared the figures to the same period in October.
Four cities recorded triple-digit increases in new rental supply – including Bristol which was up 162.7% on October, while Southampton, Portsmouth and Huddersfield saw new rental supply soar by 108.2%, 102.8% and 101% respectively.
Meanwhile, Derby suffered a drop of more than 33% with only 123 new rentals coming onto the market in November and London experienced a slight fall of 1.2% in new buy-to-let properties on the market, following on from a fall of 3% in October.
In fact, more than half (18) of London’s boroughs saw falls in the supply of 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.
Dan Gandesha, founder and CEO at Property Partner, says the fall in rental listings in the capital could be an indicator that some landlords are starting to sell up: “Many landlords could be feeling a financial squeeze due to recent tax changes and stricter lending criteria.”