Buy to let property investment relies on rental demand and letting platform, Bunk, has researched where in the UK has the highest rental demand from prospective tenants.
The platform looked at rental listings across all of the major property portals and took an average score for the nation’s major cities based on which had the highest number of properties already let as a percentage of all listings.
The research highlights where the highest level of rental demand currently is based on this supply/demand ratio.
They found that Bristol tops the table as the highest rental demand city for tenants in the UK, with 50 per cent of all properties listed as already having a let agreed and therefore taken.
Newport in Wales has the next highest rental demand with a score of 39 per cent, with Nottingham, Plymouth, Cambridge, Portsmouth and Bournemouth all scoring above 30 per cent.
Oxford with 29 per cent, Manchester 26 per cent, and Glasgow with 25 per cent complete the top 10 cities with the highest rental demand.
At the other end of the scale, the city with the lowest rental demand was found to be Aberdeen, with just 8 per cent of all properties on the major portals listed as already let. Newcastle and Edinburgh were also home to a rental demand score below 15 per cent.
Leeds, Swansea, Liverpool, Cardiff, Belfast, London and Sheffield also ranked amongst the least in demand cities.
In London, Havering is the most in-demand borough with a rental demand score of 43 per cent, along with Lewisham. Sutton, Bromley and Bexley also scored 40 per cent or higher.
Kensington and Chelsea is the least in demand borough at just 9 per cent, with prime central London also accounting for the second and third lowest demand scores in Westminster and Hammersmith and Fulham.
Co-founder of Bunk, Tom Woollard, commented: ‘Bristol may not stack up to London in terms of size and status but the city’s youthful, vibrant image has made it a firm favourite amongst tenants and it has previously been voted one of the best cities to live in across the UK.
‘We’re starting to see a real change in the rental market with a number of the more alternative cities coming to the forefront in terms of popularity. The likes of Bristol, Nottingham and Plymouth are becoming great rental hubs for those looking for a great place to live, without paying through the roof as they would in London or the more established major cities.’
Source: Residential Landlord