The number of properties for sale in London that were previously rented has risen significantly, according to research from TwentyCi.
The data specialist reveals that in July 2024 some 22% (617) of all newly listed homes for sale in Inner London were found to have been available to rent at some point in the last decade, marking 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.
Meanwhile, the number of previously rented homes listed for sale across the UK was just 9% in July 2024, highlighting how the trend is more concentrated in the capital.
Landlord fears
Commenting on the latest figures TwentyCi chief executive Colin Bradshaw 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.”
He added: “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%.”
TwentyCI analysis points to the fact that 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.
