Available rental properties fall by a third

The number of available rental properties in the UK decreased by a third in the past 18 months, driving up rents for new tenants by an average of 11 percent in the process.

Figures compiled by property website Zoopla revealed that the mean number of rental listings posted by letting agents currently stands at 10, compared to 16 before September 2021. In addition, the data showed that demand for rented homes has recently jumped to 50 percent above normal levels.  

Looking at the North West, rents have risen significantly in every borough of Greater Manchester, in many cases at a faster rate than the national average:

• Bolton: 11.3 percent
• Bury: 12.3 percent
• Manchester: 13.8 percent
• Oldham: 13.1 percent
• Rochdale: 12 percent
• Salford: 16 percent
• Stockport 11.5 percent
• Tameside: 9.7 percent
• Trafford: 12.7 percent
• Wigan: 13.1 percent

Zoopla’s executive director for research, Richard Donnell, explained: “We've seen a big increase in demand for rented housing from record high immigration, the economy reopening [after the Covid-19 pandemic].

“But at the same time, we just haven't seen much new investment by landlords in rented housing. And that's creating a real crunch in availability.”

Mr Donnell said that higher mortgage rates, changes to tax laws, and new regulations for landlords has made it less profitable for people to buy houses and put them on the rental market.

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