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Buy To Let

Rental listings rocketed in April

Joanna Faith
Written By:
Joanna Faith

Which town saw new rental listings shoot up by 50% last month?

There was a significant 11.5% increase in new rental properties listed in April compared to March, according to Property Partner.

The crowdfunding platform said that there was an increase in the number of rental properties being advertised last month in 82% of locations across the UK.

Regional focus

The biggest rise was in Worcester in the West Midlands, which saw rental listings surge by almost 50% (48.9%) in April, while new rental property ads were up more than a third in Chelmsford (38.0%), Stevenage (36.4%) and Southport (34.4%).

New rental property listings in London increased by 9.1% in April compared to March, with the boroughs of Barking and Dagenham (31.8%) and Havering (31.5%) both seeing significant rises.

Dan Gandesha, CEO of Property Partner, said: “The rental market experienced a much-needed boost in April. Unfortunately, this was created by investor frenzy to beat the Stamp Duty hike, and supply is unlikely to continue on an upward trajectory.

“If anything, options for tenants could become more limited in the next couple of months as traditional landlords balk at the prospect of paying the surcharge now, and losing mortgage interest tax relief from next year.”