Rental market holds firm as stock levels climb
The latest analysis from leading London lettings and estate agent, Benham and Reeves, shows that fears of a mass landlord exodus ahead of the Renters’ Rights Bill becoming law have yet to materialise, with the number of available rental properties across England rising sharply since the Bill’s introduction last year.
Introduced to Parliament in September 2024, the Renters’ Rights Bill is now in the final stages before Royal Assent and will deliver sweeping reforms to the private rented sector, including the abolition of Section 21 evictions, the move to periodic tenancies, and the introduction of a Decent Homes Standard.
Critics have warned that the changes could prompt large numbers of landlords to sell up, reducing the supply of available rental homes and pushing rents higher.
However, the least analysis from Benham and Reeves* shows that today, there are 23.5% more rental properties available across England than there were in September 2024, the month following the Bill’s launch.
This trend is echoed across the vast majority of English regions, with the most notable increases seen across Bristol (up 79.1%), West Yorkshire (up 72.9%) and Tyne and Wear (up 60%), East Sussex (up 50.5%) and Northumberland (up 41.4%).
In London, the market has also proven resilient, with stock levels climbing by 11% over the same period, whilst just Herefordshire (down 22.5%), Gloucestershire (down 16.4%) and the Isle of Wight (down 11.1%) have seen reductions in available rental stock levels.
Director of Benham and Reeves, Marc von Grundherr, commented:
“While the Renters’ Rights Bill has created understandable uncertainty among landlords, particularly around the removal of Section 21, the notion of an imminent collapse in rental stock levels has simply not materialised and it’s clear that, so far, there has been no landlord exodus.
In fact, supply has increased in almost all areas of the country since the Bill was introduced, which is welcome news for tenants who have faced unprecedented competition for homes in recent years.
As a landlord and letting agent myself, I’ve recently invested into the buy-to-let sector as we’ve continued to see strong yields on offer and discounted deals due to a slightly slower property market with respect to house prices. With interest rates also trending downwards and mortgage payments becoming more palatable, now is a great time for long-term wealth building.
That said, this does not mean we can be complacent. The true test will come in the months after implementation, once landlords have had time to fully digest the legislation and decide whether they wish to remain in the market.
For now, it’s clear that the feared landlord exodus has not happened, and the private rental sector remains robust.”
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