Something strange is going on in the rental market

National rental market data often throws up curveballs, but the latest Rightmove index is a weird one, to say the least. Despite industry predictions that the rental market would see landlords withdraw as the government’s mortgage interest tax relief regulations increased many of their personal tax bills, the opposite appears to be taking place, Rightmove says. The number of properties available to rent outside London is up 7% year-on-year, and has increased by 8% in London. Properties are also consequently taking longer to rent, 11% longer year-on-year outside the capital and 15% longer inside it. “Many thought that rental supply would constrict this year, as landlords sold up and looked to invest their money elsewhere, but clearly this isn’t happening yet,” says Rightmove’s Head of Lettings Sam Mitchell (pictured, left). “It could spell good news for tenants coming to the end of their lease as they might find there is slightly more choice than last year.” The private rented sectors is a market defying economic logic, too. Despite taking longer to rent, and more properties available to rent, asking rents continue to rise across the UK, although not in London, Rightmove says. Outside London rents are up by 2.8% between…