A number of properties that were previously rented in London are being sold off, research from analytics firm TwentyCi has revealed.
More than one in five (22%) listed homes in Inner London were available to rent at some point in the last decade, a 10-year high.
This figure compares with 15.6% (395) in July 2023 and 12.9% (187) in July 2019 – the last ‘normal’ year before the pandemic.
Colin Bradshaw, chief executive officer of TwentyCi said: “Aside from mortgage increases, landlords have growing fears around a possible rise in Capital Gains Tax and compliance demands for energy efficiencies. Overall, the rental sector has become much more expensive and unpredictable for landlords over the last decade.
“Landlords selling now obviously comes at a very difficult point for the private rented sector (PRS). Available properties to rent are at their lowest since TwentyCi has been recording data in the last 15 years, now at 276,000 in July 2024 for the whole of the UK, compared with 369,000 in July 2019 – a reduction of more than 25%.”
The number of previously rented homes listed for sale across the UK was just 9% in July 2024, highlighting how the trend is highly concentrated in the capital.
The average asking rent across the UK based on the available stock is £1,869 per month, while in Inner London, it is £2,399.
