The latest research from Propertymark shows higher numbers of potential tenants looking, whilst the availability of letting properties to rent is dropping. This is backed up by research from TwentyCi Group which reports the supply of letting property nationally is 26% lower than in 2019. On the ground in the Cotswolds, as a firm we have seen an 18% fall in the number of lets between 2019 and 2023, however, this is likely skewed lower by our increasing market share.
What has caused this lack of lettings property?
Many factors have impacted. The improving sales market has meant some accidental landlords have now sold and with an ageing population over 55s who invested in property instead of pensions are now selling to retire. Changes in legislation have played the most significant part, the recent introduction of the Tenant Fee Act, electrical safety and MEES has significantly increased the costs for a landlord. Add to this the removal of offsetting mortgage interest payments against letting income, particularly as interest rates are significantly higher now – not to mention the looming Renters Reform Bill.