BBC investigation reveals large drop in available rental homes

April 12, 2023

Rental market conditions are hitting the headlines, with a BBC investigation supported by property portal Zoopla.

According to Zoopla, available rental homes are down by a third across the UK. Zoopla explained the cause was a 50% rise in demand in the last 18 months, with no noticeable increase in the number of rental properties coming onto the market since 2016.

The BBC revealed that strong competition amongst potential tenants has resulted in rising rental prices. This January, new lettings were up by 11.1% compared to January 2022. Property portal Zoopla also stated that rents have increased by 20% in the last 3 years.

The combination of high rental demand and low stock is creating excellent opportunity for landlords.

Increasing confidence of mortgage lenders could also benefit those seeking to purchase a buy-to-let. Whilst the Bank of England recently raised the base rate by 0.25%, mortgage lenders have responded with price reductions for 2 and 5-year fixed-rate mortgages. Alternatively, property portal Rightmove found that average mortgage rates have dropped by approximately 1.5% since late October 2022.

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