Research by buy to let consultancy Sequre Property Investment suggests that despite the return to near-normal in much of the country, rental stock levels are now lower than prior to the pandemic.
Sequre analysed the available rental stock levels across 21 major UK cities and found that at the end of Q4, 2019 - so before the pandemic struck - there were a total of 96,735 rental properties listed to let.
During Q1 of 2020 when the pandemic hit and the first lockdown was implemented, dwindling demand due in part to working from home, saw the level of rental stock surplus across major cities start to climb.
It continued to rise consistently throughout 2020, hitting a high of 171,080 at the end of Q4, 2020 - a 77 per cent year on year increase in rental stock surplus.
However, a slow but steady return to normality during 2021 has seen this trend start to reverse. In fact, the number of rental properties available on the market has slowly declined since the start of the year, with the latest data showing just 57,382 available on the current market.
This is not only 66 per cent less than the pandemic high of 171,080, but some 41 per cent lower than the levels seen prior to the pandemic.
Sequre sales director Daniel Jackson comments: “2021 has seen a slow but steady reduction in the level of rental properties left sat on the market as a trickle of tenant demand has started to return.
“However, the latest data suggests that with restrictions all but gone, this trickle has turned into a strong and consistent stream and available rental stock is now lower than pre-pandemic levels.
“This will be welcome news for those landlords who will no longer need to lower their rental income expectations in order to secure a tenant and we should now see a far greater level of stability remain for the remainder of the year.”
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