Significant Drop In Rental Homes And Tenant Demand
According to research from an online lettings management platform, there has been a significant decline year-on-year in rental housing stock and tenant demand throughout London boroughs and major UK cities, caused by the lockdown restrictions stopping anyone from moving homes.
The firm’s data found the three places that have experienced the highest drop in rental housing stock and tenant demand are Belfast -57%, Cambridge -36% and Newport -27%, with London and Nottingham completing the Top 5.
In contrast Edinburgh, Swansea, Leicester, Sheffield, Leeds, Southampton and Plymouth have all experienced increases in rental homes availability.
Across all London boroughs (except for the City of London) have all suffered a drop in rental housing stock with Barnet being the worst hit with a -31% fall, next is Croydon with -23% and Ealing’s -19%.
On average across the 23 major UK cities there has been a -5% fall and London’s average throughout its boroughs stands at -3%.
Calum Brannan, founder of the online firm, said: “The spread of the Coronavirus has clearly caused an immediate impact on rental demand and stock levels across cities which usually remain sought after amongst tenants.
“For market activity to have fallen so considerably across the board tells you just how much the market has been impacted by the pandemic, but while demand has waned somewhat on an annual basis, it is stock levels that have declined the most and there are still plenty of tenants looking for rental properties for those landlords still striving to provide them.
“For these landlords, remaining visible on the market despite the wider landscape is the sensible approach to ensure any void periods are as short as possible and any financial loss is as limited as can be.
“This can be done via online and hybrid agents in particular, who can list and rent your property without any physical interaction needed; so not only does your buy-to-let remain profitable, but there is no risk in doing so.”