New rental homes account for just 16% of the total available

New rental homes account for just 16% of the total available

10:34 AM, 13th January 2023, About A year ago 4

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Of the total number of available homes to rent in the UK, just 16% came to the market in the last 14 days with fears that renters will struggle to find somewhere to live in some areas, a report reveals.

The findings from Ocasa also show that the average cost of renting has risen by £114 per month, or 10.8%, over the last year with tenant demand outstripping the level of homes available.

And this shortfall looks set to continue as the level of new stock entering the market remains low.

The research shows that in the last 14 days, just over 22,000 new rental properties have reached the market for the nation’s tenants – but that is just 16% of the currently listed rental properties.

‘Could be a very difficult year for tenants’

Jack Godby, Ocasa’s sales and marketing director, said: “We are entering what could be a very difficult year for tenants.

“Not only do they face the tough task of accumulating a sizable deposit in order to secure a rental property, but the rising cost of living is putting a further squeeze on their finances on a long-term basis.

“That is, of course, if they can find a property in the first place, with competition already extremely high across many areas of the market.”

He added: “Unfortunately, the government’s best efforts to improve tenant welfare simply haven’t helped as the focus has very much been centred on the financial returns available to landlords, not the tenants themselves.

“So, it’s hardly surprising that more and more landlords are choosing to exit the sector, with the level of new rental properties entering the market simply not sufficient enough to meet current demand.

“Of course, this reduction in stock will only hurt tenants further as a supply demand imbalance causes rental prices to continue to climb ever higher.”

Scarcity of newly listed rental properties

When the figures are analysed, the greatest scarcity of newly listed rental properties is found in the West Midlands, where fresh rental stock accounts for just 11.7% of the total available rental properties.

In both the East Midlands and Wales, newly listed rental stock accounts for just 12% of all homes available to rent.

The percentage of new rental listings entering the market also sits below the national average in Yorkshire and Humber (13%), the North East (14%), North West (14%), and South East (15%).

In fact, just the East of England (19%), London (21%) and Scotland (21%) currently sit above the national benchmark in this respect.

Tenants are facing the smallest proportion of rental stock

When analysing the data at a city level, it’s in Leeds where tenants are facing the smallest proportion of rental stock at just 6%.

In Birmingham, new rental stock currently accounts for just 8% of the total properties available, climbing to 9% in Nottingham, Liverpool, Newcastle and Sheffield.

However, tenants on the hunt in Edinburgh (28%), Glasgow (21%) and London (21%) have a far better chance of finding a fresh rental property, with newly listed stock accounting for over a fifth of total properties currently listed for let.

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Mick Roberts

7:52 AM, 14th January 2023, About A year ago

Looks a few Selective Licensing Councils in there with limited stock-Surprise Surprise


9:18 AM, 14th January 2023, About A year ago

Reply to the comment left by Mick Roberts at 14/01/2023 - 07:52
Yes Nottingham is very heavy on SL as well as Additional HMOs (3 bed plus). Wales (and Scotland) is a very sad situation for tenants but hopefully the 'English' government will review what's happening in PRS in non conservatives run countries and decide a light touch/deregulation approach is best to balance the needs of LLs and tenants!!

Mick Roberts

10:13 AM, 14th January 2023, About A year ago

Reply to the comment left by Crouchender at 14/01/2023 - 09:18
Yes & Nottingham going for a new scheme but not a renewal even though they said the old scheme worked.


22:53 PM, 16th January 2023, About A year ago

Hi, I own 9 buy to let property’s and to be honest you would have to virtually give me another flat for nothing to get me to take on another buy to let. I always thought this would be a government that encourages enterprise. Tax on turnover is absolutely ridiculous. Now we have Landlord licensing or as I call it jobs for the boys at the council.

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