Surprising new research shows a 12% annual rise in available lettings stock across England, with London seeing the largest boost in the number of available homes.

Contrary to the widespread view that there are increasingly few properties for tenants, London lettings and estate agent Benham and Reeves reveals there were 154,510 rental properties available across England in Q1 of this year, up 12% on the same period last year. In April, Propertymark by contrast said stock levels were down 26%. 

Benham and Reeves says 33 of the nation’s 48 counties have seen an improvement in the volume of homes reaching the market for potential tenants. London experienced the biggest boost to rental stock levels, with the City of London seeing an annual increase of 44%, while Greater London has seen a 34% jump.

Lettings leap

The largest increase in rental market listings outside the Capital was in Nottinghamshire, with a 28% increase versus the same period last year, while Northamptonshire (+19%), Berkshire (+18%), Dorset (+16%) and Warwickshire (+15%) also saw big gains. Those areas suffering a large annual dip include Leicestershire (-17%), the West Midlands (-11%) and Cheshire (-9%).

Benham and Reeves director, Marc von Grundherr (main image), says the London rental market remains extremely competitive with huge demand for homes from tenants desperate to view and apply. Although a surge in rental stock will be warmly welcomed by those who are still on the hunt, it’s unlikely to balance the scales, he warns.

“As it stands, we’re still seeing some of the lowest rental stock levels that we have had in the last decade and, as a result, we’re receiving an average of 21 applicants per listing within just 24 hours of a property going live,” adds von Grundherr.

The data is based on Rightmove country listings year-on-year by quarter.