You may be in the fortunate position of having some spare cash to invest this week. And wondering, at the same time, where to start the search for your next buy to let property.
Well, it wouldn’t be a bad idea to start focusing on Wrexham, Glasgow, Bristol, Plymouth or The Wirral. For those are the top five properties attracting the most rental attention in the UK right now.
According to Rightmove’s latest Demand Tracker, there are 54 enquiries for every rental property in Wrexham. The Welsh City, whose club is owned by actor Ryan Reynolds – not that there’s a correlation between high rents and the Hollywood star as far as we believe – also led the rental poll last year.
Glasgow isn’t far behind though, with 52 enquiries per rental property. Bristol is one behind with 51, Plymouth has 50 and there are 47 would-be renters for every property in The Wirral. The national average per listing is 19 enquiries.
In term of average rents pcm for the top five rental locations, Bristol is highest with £1,658 and Plymouth next at £1137 pcm. Rents in Glasgow average around £1,078 pcm, it’s £999 in The Wirral and finally, £967 pcm in Wrexham. Overall, average rental prices for houses outside London are currently five per cent higher than they were in 2023.
Why is Wrexham so popular for rentals?
Estate agents in Wrexham (which was awarded city status just two years ago) say it’s the lack of available properties that has led to huge demand. To the extent that one three-bedroom property they had for rent attracted 160 enquiries. They say landlords have been encouraged to leave the market due to new legislation allowing tenants to withhold rent if, for instance, a washing machine is broken or plug sockets don’t work.
Why is there a shortage of rental properties in the UK as a whole?
The rental market is still subdued in terms of both supply and demand. For instance, there are 32 per cent fewer rental properties available than in 2019, prior to the pandemic. That equates with 17 per cent more people looking to rent.
With the belief that capital gains tax may increase considerably in the next budget, more landlords may leave over the coming months. What this means is that for those investors prepared to weather the storm, rental income could increase even higher.