There was a 20.6% increase in new rental properties across 90 UK towns and cities between 28 March and 3 April compared to the week before.
The number of properties in the private rental sector has spiked due to the rush to get deals done before the 3% stamp duty surcharge came into force on 1 April, evidence from property crowdfunding platform Property Partner suggests.
There was a 20.6% increase in new rental properties registered across 90 UK towns and cities between 28 March and 3 April compared to the week before.
The spike was most defined in Telford, where new rental listings rose by 160%.
Dan Gandesha, chief executive of Property Partner, said: "More rental properties on the market is good news for tenants, but sadly this looks like a temporary blip. The savings landlords have made may turn into losses further down the line. Future cuts to mortgage interest tax relief and likely interest rate rises, could wipe out profits and force many landlords to sell up.
“Longer-term we’re likely to see the supply of rented properties dropping and rents increasing. The pressing issue is to get Britain building more homes for tenants, as well as buyers.
“The government has changed the whole structure of the UK buy-to-let market and made it less attractive and viable for amateur landlords. Once the dust has settled on the stamp duty hike, anyone looking to invest in residential property would be wise to consider alternatives to traditional buy-to-let, which do away with the hassle, expense and tax implications.”
