A large number of new rental properties came on stream at the end of March, with the influx due to a significant number of buy-to-let purchases completed by investors before the Stamp Duty hike.

Research on Rightmove by property crowdfunding business Property Partner shows rental listings up by 20.6% in the week that the tax hike kicked in, compared with the previous week.

Property Partner looked at the number of new rental properties being advertised between March 28 and April 3, and compared it to the period March 21 to March 27 in more than 90 towns and cities across the UK.

In 85% of those locations, there was an increase in the number of new rental listings over the past week compared to the previous week.

In many areas, there was a significant increase in new rental properties advertised.

Telford in the west midlands saw rental listings up almost 160% in the week of the stamp duty deadline, compared to the previous week, and in Stevenage new ads almost doubled. Five out of the top ten areas in terms of a rise in rental properties being advertised on Rightmove were in the north.

Of the major cities, London saw new rental property listings up 19.4% between March 28 and April 3 compared to the previous week, while in Manchester and Birmingham, new rental ads were up 28.7% and 49.9% respectively.