Experian's 'Movers Index' shows UK rental market continues to grow
The UK rental market is flourishing with an additional 58,000 properties marketed in 2011 compared to 2010, according to Experian’s “Movers’ Index”, which offers insights across the housing market.
The number of properties put up for rent rose in every quarter of 2011, with Q3 seeing the most significant year-on-year increase, at 14.46%.
Unsurprisingly, seasonal trends were prevalent in both the rental and resale markets – August was busiest month for rentals, possibly as a result of students preparing for university, and May was the busiest month for resale properties.
Also of note, the number of properties for sale dropped by around 12,000 in 2011 but at 769,077 the total was well ahead of the 692,766 homes to rent.
London dominated the rental market with 20% of all UK rentals based in the Capital.
Wales and the West Midlands saw the biggest increase in homes to let with a rise 20% in numbers in 2011 compared to 2010.
The West Midlands also bucked the downward trend in the number of resale properties, with 12% more houses put on the market compared with 2010.
Experian’s consumer information services managing director, Jonathan Westley, comments: “This insight shows that homeowners may be using renting as a back-up plan if they are unable to sell or alternatively some may still consider property a long-term investment.”
He adds: “Being able to paint a picture of movers and get a unique insight into habits and trends is a valuable tool for companies from financial services to utilities and telcos.”