Taylor Scott International News
There was an increase in the number of new rental properties in the UK following the rush by buy to let landlords to beat the introduction of additional stamp duty tax on homes in April. New research has found that Worcester saw new rental listings shoot up by almost a half with a rise of 48.9% in April while there was a rise of 38% in Chelmsford and 36.4% in Stevenage. Overall there was a national rise of 11.5% but in London it was just 9.1%, according to the study which looked at the number of new rental properties being advertised last month compared to March in 90 towns and cities from property crowdfunding platform Property Partner. Other locations that saw significant increases included Southport, Telford, Bath, Newport, Woking, Gloucester, Milton Keynes, Oxford, Oldham and St Helens with rise of between 34.4% and 22.5%. ‘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,’ said Dan Gandesha, chief executive officer of Property Partner. ‘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,’ he pointed out. ‘There is still strong tenant demand, but the Government has changed the traditional buy to let landscape, and this will have ramifications for the rental market longer term. That demand will increasingly have to be met by professional landlords offering tenants a better product, and investors a better deal,’ he added. Taylor Scott International
Taylor Scott International, Taylor Scott
