Towns and cities with rental home shortages revealed

AFS Team·21 November 2019·4 min read
Towns and cities with rental home shortages revealed

Towns and cities with rental home shortages revealed

A survey has revealed the areas in the UK with the most serious rental home supply shortages.

The research was undertaken by lettings platform Howsy and they found that Newport in Wales is the city that is served with the lowest level of rental stock.

Researchers say that of the properties being listed on the major property portals, just 13.5% of homes there are for renting.

The second worst area is Bristol, and also the lowest for England, with lettings accounting for 15.8% of the stock being listed and in third-place Glasgow, the figure is 16.4%.

The fourth lowest level sees Belfast with rental stock of 16.8%, taking that position. In fifth place is Plymouth with 24.9%.

'Tenants may struggle to find somewhere to rent'

The platform's founder, Calum Brannan, said: "The data suggests those areas where tenants may struggle to find somewhere to rent because of the imbalance of homes for renting and those for buying.

"Perhaps it's also where the largest exodus of buy to let landlords are due to the recent legislation changes with letting stock dwindling while there are increasing amounts of property for sale."

He added that in those places where rental stock is low, there's an opportunity for professional buy to let landlords to offer homes since there's a higher level of tenant demand.

Mr Brennan said: "We are seeing a shift in lifestyle trends and a greater acceptance of long-term renting, so it's important that rental levels are cultivated for meeting UK demand."

Rent price stability returns to UK

Meanwhile, it's been revealed that in October rent price stability returned to most of the UK.

The data from Goodlord highlights that some regions are enjoying stable rents and lower void periods while others are being slower to achieve stability.

The firm says that after a variable September and a summer boom, the rental sector is returning to a 'consistent period'.

The average UK void period during October was 18 days, the same as it was in September.

The average rent for the month fell

Goodlord also says that the average rent for the month fell and is now £925, whereas in September it was £1,034.

The fall means that UK rents and are running close to their year-to-date average of £920.

The firm's chief executive, Tom Mundy, said: "In key regions, the rental market is stabilising and the numbers indicate a consistency across rental prices and void periods."