Rental supply increased by seven per cent in November

 
Helen Cahill
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Landlords have been hit by tax changes this year (Source: Getty)

Rental supply increased by 6.8 per cent in November, the second month of growth in a row.

The figures from Property Partner show that the supply in London fell, however, down by 1.2 per cent month-on-month. In October, rental listings in London fell by three per cent.

Read more: Upset landlords say they'll up rents due to Hammond's letting agent fee ban

The number of rental properties dropped in over half of London's boroughs. Kingston upon Thames was the worst affected, with supply falling by 12.3 per cent. In Barking and Dagenham and Kensington and Chelsea, supply fell by 10.7 per cent and and 10.4 per cent respectively.

The highest growth was in Harrow, where the supply was up by 3.4 per cent, and the City of Westminster, where supply increased by 2.5 per cent.

The buy to let property market has been rocked by George Osborne's increase to stamp duty tax, which came in at the beginning of April this year. Landlords were then hit again in chancellor Philip Hammond's Autumn Statement. He abolished letting agents' fees for buyers, saying that landlords should be footing the bill.

Read more: Tax changes to force 440,000 landlords up a tax bracket

The figures from Property Partner contradict predictions that Osborne's tax changes would lead to wholesale declines in the availability of rental accommodation. In Bristol and Southampton, supply jumped by 162.7 per cent and 108.2 per cent respectively.

Dan Gandesha, founder and chief executive of Property Partner, said: "It has been another encouraging month for prospective tenants on the hunt for new rental properties.

"Both October and November saw consecutive increases in the supply of new listings, somewhat silencing any murmurings that we were in for an era of depressed rental supply. In some towns and cities it even appears to be a renters' market."

Town/City

Area

Rental supply increase in November

Bristol

South West

162.7 per cent

Southampton

South East

108.2 per cent

Portsmouth

South

102.8 per cent

Huddersfield

West Yorkshire

101 per cent

Bath

South West

96.1 per cent

York

Yorkshire and the Humber

91.6 per cent

Coventry

West Midlands

77.2 per cent

Exeter

South West

71.4 per cent

Plymouth

South West

54.5 per cent

Loughborough

Midlands

50.2 per cent

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