After the Brexit vote, Rightmove have reported a buy-to-let rush, boosting rental supply with biggest increase in London.
- The rental market received a boost of 8% more new properties advertised to rent in Q2 compared to the same quarter in 2015, following the Q1 rush to buy property to let out before the stamp duty charges came in
- Majority of new properties were in London, up by 22% on the same period last year, resulting in a small drop in the region’s average asking price this quarter to just under £2,000 per month
- Despite the increase in supply, all other regions recorded a rise in average asking rents this quarter, with the East of England’s 5% annual change leading the way
- Rental enquiries up 2% in Q2 2016 compared to last year, and up 1% in the two weeks after the referendum compared to same two weeks in 2015, as the lettings market shows no immediate signs of Brexit impact.
Read the full Rental Trends Tracker here.
In our exclusive video, Managing Director of Andrews Letting & Management, David Westgate, takes to YouTube to answer some of your questions in the wake of the Brexit Vote.
David was interviewed last week by journalist and media expert Anne Dawson, answering questions and concerns about the impact of the Brexit vote on the housing market. David focuses on the need to remain optimistic and that the uncertainty currently being witnessed in the property market is likely to offer opportunities.