Current number of properties to let in Greater London at lowest since March 2015 according to Home.co.uk
The number of available properties to rent is falling at an alarming rate, particularly in Greater London, according to latest figures from Home.co.uk.
The recent press release reveals that the number of available homes to rent in Greater London that have been on the market for 20 weeks or less plummeted by 24% over the last year, from 52,388 in August 2017 to 39,746 in August this year. The current number of properties available to let is at its lowest level since March 2015.
Director of Home.co.uk, Doug Shephard said:
“The main driver for rent hikes going forward is an alarming lack of homes to rent, especially in Greater London, 24% is a huge drop and much of it can be ascribed to the BTL exodus.
“Basic economics tells us that when supply falls prices must rise. In the case of London, it looks like rents will increase quickly – and they need to.
“For too long, rents have lagged behind house price inflation, to the point where yields have sunk too low. Rental returns fundamentally underpin property values and London prices desperately need a fillip to prevent the slide into negative equity.
“Watch the rents. It’s catch-up time.”
Read the Home.co.uk press release 19th September in full click here.