The rental market is experience a huge surge in the availability of new-build flats and maisonettes, according to the Association of Residential Letting Agents (ARLA).
Just over 43 per cent of UK agents say they are seeing an increase in this type of property coming on to the market because it cannot be sold.
Ian Potter, Managing Director, ARLA said: “New build flats and maisonettes are often a very popular choice for landlords investing in a buy-to-let property, particularly in large cities. The low maintenance costs and perceived demand from young professionals are key considerations for many landlords. Because of the saturated sales market in many parts of the UK, we are seeing this kind of smaller new build property flood on to the rental market.”
Meanwhile, UK tenants are now paying more rent than ever, according to HomeLet, with the average cost of renting a home now up to £806 a month which is the first time £800 has been passed. The company’s August figures show the UK’s average rental amount increased by 2.1% over the previous month.
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