Rental flat supply surges 132%, reveals FindaProperty.com
The supply of rental flats rocketed 132% in the 12 months to April, according to FindaProperty.com.
Supply in April increased 2.8% compared with March. This has resulted in downward pressure on prices, which have declined for 13 consecutive months. The index reveals that the average rent for a UK flat is down 5.8% or £47 per month to £760 year-on-year.
In its Rental Index for April, published today, the portal attributes the increase in supply to the forced sale of properties by first and second-time buyers, as well as buy-to-let investors, who have found it hard to secure a mortgage.
Conversely, the supply of rental houses has increased by 1.5% month-on-month, with prices having increased for the second consecutive month, up 1.3% to £1,588 per month.
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