The demise of short-lets in particular is a key driver for the increased number of properties coming onto the market in the UK’s key tourism cities.
The number of properties being offered to rent by landlords in some UK cities has increased by up to 44% since the housing market in England was given the green light by housing secretary Robert Jenrick.
While Edinburgh has seen the most significant increase at 44%, other cities where significant stock uplifts have taken place include Oxford (+20%), Cambridge (+19%), Aberdeen (+16%) and London (+15%) according to hybrid lettings agency Howsy.
These increases, it is believed, have been driven by traditional landlords hoping to rent out empty properties caught out by the sudden introduction of the property market closure in March, and a deluge of Airbnb landlords desperate to resume earning income from their properties.
But away from the big tourist attraction cities, the uplift has been more subdued.
Across all the UK’s 23 key conurbations, the size of the rental stock advertised on the UK’s key property portals has increased overall by 5% from 96,503 to 101,013 properties.
“We’re certainly not out of the woods yet and the ongoing financial and health implications facing many tenants and landlords will continue to be an obstacle,” says Callum Brennan, CEO of Howsy.
“However, now that we as an industry are able to facilitate them on a greater scale, we can at least start to rebuild momentum in the sector.
“Now, it’s vital that landlords receive the support and protection they need from us as an industry, to ensure confidence in their investment and to maintain a suitable level of rental stock to meet demand from tenants who rely on these homes in order to live.”