Rental sector enjoys Autumnal activity increase

AFS Team·5 December 2019·3 min read
Rental sector enjoys Autumnal activity increase

Rental sector enjoys Autumnal activity increase

The UK's rental sector has enjoyed a spike in activity with a rise in the number of properties 'to let' and those being 'let'.

The data from Agency Express reveals that in October, the number of properties being available to rent rose by 16.3% over the month before.

Also, the number of properties being let increased by 2.1%.

Of the 12 regions that are monitored by the firm's property activity index, 11 saw growth in new listings and six saw the number of properties being let also rising.

Region with the best rental performance

The region with the best rental performance was in the South West with new listings there increasing by nearly 40% and in central England they grew by 25%.

The largest fall recorded by the index was in the North East where available rental properties fell by 18.7% - that's three consecutive months that figures have fallen in the region.

Agency Express managing director, Stephen Watson, said: "We usually see a pickup in pace during October and this remains true to the trend.

"However, the activity is slower than the previous 12 months and as we move into December, we will see the start of the seasonal decline and it's likely to be impacted further by the general election."

Specialist BTL lender sees big increase in activity

Meanwhile, one specialist buy to let lender says it has seen a huge rise in its specialist landlord business offering.

Paragon says that its landlord business rose to 89% of all the buy to let mortgage completions by the lender - that's up from the previous figure of 79%.

One reason is down to the lender focusing on those landlords who operate with larger portfolios and in corporate structures.

'Meeting professional portfolio landlord's complex requirements'

The firm's managing director, John Heron, said: "Our expertise in buy to let means we are among a small number of specialist lenders that offer solutions for meeting the professional portfolio landlord's complex requirements."

He added that following regulatory and tax changes affecting the sector, professional landlords are now increasingly making up a greater proportion of the UK's private rental sector's core investors.

Paragon also says that their total buy to let lending has remained stable this year at £1.48 billion and that new lending has risen by 9% to £2.5 billion