The University city of Cambridge has the highest buy to let property rental demand in the UK according to new research.
Inventory and property compliance specialists Verismart have analysed rental listing data across the major property portals, ranking each of the UK’s 100 largest cities on the proportion of rental stock available to that already let, to ascertain where the highest rental demand locations are.
Cambridge came top with 57 per cent tenant demand making it the most sought-after city for rental accommodation.
The list of areas with the highest rental demand was dominated by the London commuter belt, with Basingstoke close behind with 56 per cent tenant demand, followed by St Albans on 53 per cent.
Crawley at 47 per cent and Tamworth 46 per cent were in fifth and sixth place respectively of the highest rental demand areas across the UK.
Bristol was the first city outside of a commutable range to London to make the top 10 at 45 per cent, joined by York (43 per cent), Worthing (43 per cent) and Hastings (42 per cent), completing the top ten.
Rental demand in London may be high, but in relation to the stock listed and the stock let, the capital ranks just 53rd for tenant demand when compared to the top 100 UK cities.
Inside the capital, high rental prices see many renters looking to the outskirts with the highest levels found in Bromley (41 per cent), Sutton (39 per cent), Bexley (38 per cent), Havering (35 per cent), Richmond (35 per cent) and Waltham Forest (35 per cent).
Lewisham was the only inner borough to make the top ten with demand at 33 per cent along with Enfield, Kingston and Greenwich.
Founder of VeriSmart, Jonathan Senior, commented: ‘While London will always remain attractive from a buy-to-let point of view, it’s clear that the current market slowdown and wider economic and political uncertainty has stretched to the rental sector.
‘It would seem many are still very much sat on the fence ahead of a Brexit solution and although London is home to some of the largest levels of stock, many are choosing to refrain from a commitment until stability returns. This is most prevalent across the prime central market which is understandable given the larger financial commitments, however, the outer stretches of the city remain in good favour with the capital’s tenants for the time being.’
Source: Residential Landlord