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The number of buy to let homes to rent may soon outstrip the number of homes coming to the market for sale.
Research by Experian shows the number of private homes to rent coming to the market in the first three months of 2012 increased by 6.34%, while the number of homes put up for sale was down 2.53%.
Landlords offered 172,290 properties to rent during the first quarter, with 60,000 hitting the market in January, while homes added to the market for sale dropped from 191,892 in the first quarter of 2011 to 187,046 in the same period this year.
In the rental market, flats were the most popular property offered to let with a share of nearly 40%. Around 67,500 flats were let between January to March this year, compared to 21,806 semi-detached houses and 20,920 terraced houses.
Two bedroom homes were the most popular to rent – taking 35.61%t of the market compared to the second most popular choice of three bedroom properties at 25.62%.
The number of rental properties for rent in the North West was up 12.98%, followed by the West Midlands at 12.49%. Numbers dropped in the East Midlands, down 3.57%, and Scotland with a decrease of 1.85%.
Almost double the number of properties came to the market to rent than for sale in London – with 35,789 buy to lets compared to 19,996 for sale, representing 20% of all rental properties in the UK.
Experian’s Jonathan Westley said: “The increase in rental homes in the first quarter of this year and the decline in resale properties illustrates how consumer’s financial needs are changing.”
|2011 Rental||2012 Rental||% change||2011 resale||2012 resale||% change|
Source: Experian June 2012
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