The latest research by lettings management platform, Howsy, has revealed that demand for rental properties and the stock available to meet this demand has fallen year on year across the majority of UK cities and London Boroughs, as the spread of the Coronavirus pandemic and the precautions implemented by the Government prevents many tenants from transacting.
Howsy gauged tenant demand across each city based on rental listings listed across each of the major property portals, looking at the number of homes with a let already agreed as a percentage of total properties listed. Howsy also looked at total listings on the market and how this had changed to see what impact the pandemic has had on the supply side of the market.
When comparing current levels of rental stock to this time last year, there has been a decline of -12% across the UK’s major cities, while in London this drop is more pronounced with -20% less rental properties now on the market.
Belfast (-57%), Cambridge (-36%) and Newport (-27%) have seen the largest declines, although Nottingham and London also place in the top five. However, Edinburgh, Swansea, Leicester, Sheffield, Leeds, Southampton and Plymouth have all seen more rental homes hit the market.
In London, all areas but the City of London have seen a decline in property stock hitting the market, with Barnet the worst hit with a drop of -31%, followed by Croydon (-23%) and Ealing (-19%).