Stamp Duty deadline for landlords creates glut in property rental market

first_imgHome » News » Housing Market » Stamp Duty deadline for landlords creates glut in property rental market previous nextHousing MarketStamp Duty deadline for landlords creates glut in property rental marketSurprising figures are revealed by Rightmove within latest research.Nigel Lewis7th April 201701,206 Views A glut of homes created by last year’s landlord rush to buy before the extra ‘second home’ Stamp Duty kicked in has slowed down the rental market significantly, it has been claimed.In the UK letting agents are taking 10% longer to find tenants, and 20% longer in London, says Rightmove, as the number of properties available to rent on the portal increased by 12%.Rental market growth halvesThis has halved the rental growth figure for the first quarter of 2017 compared to the same period last year, down from 3.9% to 1.8% across the UK, Rightmove says.And outside London, the average rental price dropped for the first time since 2014, down by 0.4% on the previous quarter, while in London they increased by 1.5% compared using the same comparison.“The supply boost following last year’s buy-to-let frenzy in the first few months of the year has continued through to 2017, introducing more competition in the market for letting agents trying to secure suitable tenants for their landlords’ properties,” says Rightmove’s Head of Lettings Sam Mitchell (pictured, left).Sam, who before joining Rightmove was for a short period CEO of Sotheby’s International Realty and before that worked at Your Move and Foxtons, says the extra choice in the market is driving these figures.But he also says that the new tax relief reductions being phased in this month may re-balance the stock as more landlords sell-up and exit the market.rightmov Sam Mitchell Rightmove April 7, 2017Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles Letting agent fined £11,500 over unlicenced rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021last_img read more