Recently released research has shown that the number of rental properties on offer in Bath increased by nearly 30% between March and April this year, following a rush to buy properties ahead of last month’s Stamp Duty deadline.
Bath is one of 90 towns and cities that were investigated, with the supply of rental properties increasing in 82% of them.
The research, conducted by Property Partner, showed the number of rental opportunities in Bath rose 29.3% in April 2016 compared to March 2016.
Last month saw the Government introduce a 3% Stamp Duty surcharge for anyone buying a home that is not their main residence.
This means that a property in Bath costing the average of nearly £308,000 would be subject to an additional £9240 payment to the Government.
|Towns and cities where there has been a noticeable increase in rental opportunities|
|Town/City||Region||% increase (April v March 2016)|
|1 . Worcester||West Midlands||48.9%|
|3. Stevenage||South East||36.4%|
|4. Southport||North West||34.4%|
|5. Telford||West Midlands||32.3%|
|6. Cheltenham||South West||30.3%|
|8. Bath||South West||29.3%|
|10. Woking||South East||26.8%|
Commenting on the figures, Rob Weaver, Property Partner’s Director of Property said: “Total returns for residential property crept up to 9.6% in the year to March, as investors rushed to beat April’s stamp duty deadline.
“This was especially true of London, where annual returns were in double digits, reaching an eye-watering 16.5%. The East was strong too, and from first hand experience the Northern Powerhouse regeneration plan is boosting investment activity in the North West and in particular Manchester.
“Monthly figures can be volatile, but what’s clear is that regional disparities in the housing market are widening, with Yorkshire and Humberside and the North East regions looking fragile.
“Investors are understandably showing caution ahead of the EU referendum. But the fundamentals – high employment, wage growth, cheap borrowing and the chronic shortage of supply – remain in place and are positive.”