London remains leading rental hotspot
London may have declined a little as a rental hotspot, but it remains a more active market than anywhere else in Britain, a new survey has revealed.
A study by The House Shop found that the capital was still top of the league for demand and enquiries, with Birmingham in second place, followed by Bristol, Leeds and Manchester.
However, the research did more than simply look at broad trends for demand; it identified particular variations in local areas based on demographics, whether tenants were working, on benefits or students, and other differences.
Noting this, co-founder of the site Nick Marr said: "The data varied from region to region depending on what our users were looking for, which has helped to build a clearer picture of the rental market in each city.
"This data can be utilised by buy to landlords to gain a better understanding of the local rental market for each of the top five areas, should they consider expanding their property portfolio in 2018 by choosing to invest in one of these areas."
He stated that landlords looking for the best investments should be aware that the market is subject to swift and significant changes, with new high-value opportunities arising suddenly in various places, sometimes as frequently as on a monthly basis.
Examples of the variation included 63.64 per cent of enquiries in Bristol coming from millennials, whereas in Manchester the majority were from older people as those aged 35 to 50 accounted for 71.43 per cent. Birmingham saw 34.55 per cent of enquiries from those aged 51-69.
Property the was another area of difference, with 69.98 of enquiries in London for flats, whereas 59.15 per cent in Leeds were for houses. Indeed, the tend for smaller households was a feature of the London market, where just 17.82 per cent of enquiries were for three-bedroom homes. The greatest hotspot for this property type was Birmingham at 28.94 per cent of enquiries.