There was a significant rise in the number of properties on the rental market in the first quarter of this year – an increase of 6.34% – as the number of properties for sale dropped by 2.53% compared with the same period in 2010.
New analysis from data information firm Experian shows that the number of properties put up for rent got off to a flying start during the first quarter with 172,290 properties appearing on the market. In January alone, more than 60,000 properties were added to the rental market.
However, the overall number of homes added to the market for sale dropped from 191,892 in Q1 2011 to 187,046 in Q1 2012. In January this year, 55,284 properties were marketed for resale, increasing to 63,177 in February and 68,585 in March.
Wales, Scotland and the North-West were the only areas with a rise in new properties put up for sale with increases of 17.21%, 8.94% and 4.03% respectively compared with 2011. The North-East had the biggest drop (13.52%), followed by London at 9.44%.
In the rental marketplace, many regions saw notable uplifts in the number of homes to let, with the North-West taking the top spot with a 12.98% increase, closely followed by the West Midlands at 12.49%. However, rental supply in the East Midlands and Scotland dropped by 3.57% and 1.85% respectively.
In London in particular, there was a big difference in the number of rental versus sale properties added to the market in the first quarter. There were 35,789 properties to let, almost double the number of properties put up for sale (19,996).
London’s rental properties make up 20% of all rental properties in the UK.
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