New data from Rightmove is providing an insight into how landlords have reacted to the various UK government clampdowns on buy-to-let. Here are some of the key findings:
- Figures between October and December 2018 on Rightmove’s portal has revealed that rental listings in London are down 22% annually and have fallen to 10% outside of the capital.
- The lack of supply has resulted in rents going up by 2.7% annually.
- Rent rises have been steeper in London, with average rents reaching an all-time high of £2,034 per month, up 5.4% annually.
- Rightmove have forecasted that rents will rise by 4% in London during 2019 and by 3% outside of the capital.
Commenting on the figures, Miles Shipside, Commercial Director for Rightmove, said: “When the Government introduced higher Stamp Duty on second home purchases back in 2016, it deterred many landlords from investing in the buy-to-let market, which in turn has exacerbated this ongoing dearth of available properties, and we’re yet to see any significant boost in stock from the many build-to-rent programmes.”
Lack of supply will continue to be an issue throughout 2019, so we can expect rents to bear the brunt of this.
