Drop in rental properties available

by Gary Whittaker

The number of homes available to rent in the UK has fallen significantly over the past six years, according to new research.

A report produced by Home.co.uk shows rising demand for rented property has meant prospective tenants are increasingly facing less choice.

The largest decline in residential rental homes was seen in Scotland, with a 34.7 per cent decline over the past six years.

Many parts of the UK have seen a lack of homes being made available, with a national decline of 11.6 per cent.

However, in one area there has been a rise in supply, with the North East reporting a 33.4 per cent increase in the number of properties available to rent.

According to the research, the decline is linked with increased demand as people struggle to get on the property ladder. The areas that saw the largest fall in supply have also shown significant increases in rental prices.

For example, Wales has seen the number of homes for rent drop by 28.1 per cent since 2011, with average rents increasing by 11.3 per cent over the past 12 months.

In addition, landlords and letting agents are facing additional paperwork and changes in taxation making it harder for them to manage their portfolios.

"A barrage of red tape and taxation, at both local and national government levels, has meant that the supply of rental properties has fallen behind demand in most regions thereby driving up rents," explained Home.co.uk director Doug Shephard.

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29-June-17General Lettings News