Almost nine out of ten (88%) major towns and cities in the UK saw falls in the number of new buy-to-let properties being advertised in August compared to the previous month, according to research by property crowdfundingplatform Property Partner.
The study has revealed a 15% drop in new rental properties being listed across more than 90 towns and cities in the UK. The firm looked at the number of new rental properties being advertised between 1st August and 28th August, and compared it to the same period in July.
In most areas, there was a significant fall in new rental properties advertised. Hartlepool in the North East saw rental listings down a massive 37%, and a further 11 towns and cities experienced a shortage of new buy-to-lets being listed including Canterbury (-30%), Wakefield (-29%), Loughborough (-28%), Colchester (-27%) and Cardiff (-26%).
Of the major English cities, London saw new rental property listings down 16% between July and August. While, in Manchester and Birmingham, new rental ads fell 18% and 16% respectively.
