SIDCUP PROPERTY NEWS - JUNE 2016

PROFESSIONAL PROPERTY SERVICES SINCE 1946
t: 020 8300 6761
www.drewery.co.uk
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BUY-TO-LET STAMP DUTY RUSH SEES SHORT SHARP
INCREASE IN SUPPLY OF RENTAL PROPERTIES
• Supply of rental properties increase nationally by +11.5%
• Increase in supply predicted to be short lived
• Average rent excluding Greater London now +5.1% higher than a year
ago
• Average rent in London is now up +7.7% compared to a year ago
• Council of Mortgage Lenders report Buy-to-let repossessions down
hugely
Liz Leitch (Lettings Manager of Drewery Property Consultants) gives an update on the local letting
market:
There was a short lived increase in the supply of rental properties seen throughout the UK in April
following the rush by buy to let landlord’s to beat the rise in stamp duty. Research showed that
on a national basis the supply of rental properties increased by 11.5% (comparing March stock
with April) and our Sidcup office witnessed a similar increase in the supply of rental properties.
Unfortunately it seems that the increase in the supply of rental
properties will be short lived and options for tenants could become
more limited over the next 12 months as some landlords could be
put off purchasing new investments so soon after the stamp duty
surcharge and others could wait to see how losing mortgage
interest tax relief from next year affects their current buy-to-let investments. With a continued
shortage of property and the introduction of further taxation changes next year many experts
only see rents going one way as many landlords look to pass their higher costs on and benefit
from the continuous high demand for rental properties.
According the latest Homelet rental index for April residential rents increased in all but one region
of the UK over the three months to April taking the average rent, excluding Greater London to
£764 per month. It now that the average rent in the UK outside of Greater London is now +5.1%
higher than a year ago while the average rent in London is now £1543, up +7.7%.
Finally the Council of Mortgage Lenders (CML) has recently reported that just 600 buy-to-let
properties were repossessed in the first quarter of 2016, contributing to the lowest ever number
of mortgages ending in repossession. If accurate, this would be the lowest level of mortgage
repossessions since records started in 1982 when there were just 6.9 million mortgages, against
11.1 million today and perhaps is a result of tighter lending criteria recently introduced.
For more information about the local rental market or investment opportunities within the area
contact our friendly staff on 020 8269 6699 or email me direct l.leitch@drewery.co.uk
DREWERY PROPERTY
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Sidcup DA15 7AF
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