Rental stock plummets by 40% on a year ago as costs and red tape ‘heaped’ on landlords

Rental stock is down 40% on a year ago across the haart chain.

CEO Paul Smith blamed the number of restrictions and additional costs being “heaped” on landlords, saying that they are “certainly taking effect on the lettings market”.

With supply down, rents have been pushed up 5% in the 12 months to the end of April.

Haart also reported that the number of sales to buy-to-let investors is down 20.9% across England and Wales, while the number of tenants entering the market is up by 18% year on year.

On the sales side, haart said it had registered almost 40% new buyers this April than in the same month a year ago.

However, despite a monthly improvement, Smith said that supply was still hovering below pre-EU referendum levels.

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8 Comments

  1. Property Poke In The Eye

    Stock is down due to other agents taking the business?

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    1. JMK

      This morning the Times reports that

      It also cut the tax relief that landlords could claim on mortgage costs. Since the stamp duty surcharge was introduced, the number of homes available to rent has fallen by 16 per cent in the south of England, with landlords selling 82,000 more homes than they bought.

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  2. paul endacott

    Yeah?  Where is this happening then?  Rents dipped 20% after Brexit and havent recovered, remaining sluggish at best as many in the city dont know where they’re going to be working next year.

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    1. JMK

      Certainly happening in my part of the world Paul – East Anglia and Peterborough specifically.  I’m guessing you’re in London??

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  3. Woodentop

    Rental stock is down 40% on a year ago across the haart chain.

     

    Seem about average for the UK? Higher in other places and lower in others but there is no doubting that less landlords than there used to be or coming into the market. Many that have left were the single property landlords who thought it was easy money?

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  4. bren_gun

    I suspect part of teh reason stock is down is due to an increase in teh average tenancy length, something completely overlooked above. Whether this is part of a ‘bow wave’ ahead of an implementation of teh fee ban is anyone’s guess but this certainly accounts for a reduction in stock in my part of the South-East

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    1. Woodentop

      Still waiting for the full effect of Sec 24 to bite.

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  5. Property Poke In The Eye

    There is plenty of stock on the market, just overpriced.

    The issue we are seeing, properties which were “tenant find only” are being hogged by the same tenant.  In some cases more than 5 years plus, so we can’t count those in our figures.

     

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