"Supply has increased in almost all areas of the country since the Bill was introduced, which is welcome news for tenants who have faced unprecedented competition for homes in recent years"
- Marc von Grundherr - Benham and Reeves
The latest figures from London lettings and estate agent Benham and Reeves show that fears of landlords leaving the market ahead of the Renters’ Rights Bill becoming law have not yet been realised, with the number of available rental properties in England climbing sharply since the Bill’s introduction last year.
Brought before Parliament in September 2024, the Renters’ Rights Bill is now close to receiving Royal Assent. It includes major reforms to the private rented sector, such as abolishing Section 21 evictions, moving all tenancies to a periodic basis, and introducing a Decent Homes Standard.
Some industry commentators have warned that the measures could prompt landlords to sell, cutting the number of rental properties and driving rents higher.
However, the latest analysis from Benham and Reeves shows that there are currently 23.5% more rental properties available across England than in September 2024, the month after the Bill was announced.
Most regions have recorded increases, with Bristol up 79.1%, West Yorkshire up 72.9%, Tyne and Wear up 60%, East Sussex up 50.5%, and Northumberland up 41.4%.
London has also seen growth, with stock up 11% over the same period. The only areas where available rentals have fallen are Herefordshire, down 22.5%, Gloucestershire, down 16.4%, and the Isle of Wight, down 11.1%.
“While the Renters’ Rights Bill has created understandable uncertainty among landlords, particularly around the removal of Section 21, the notion of an imminent collapse in rental stock levels has simply not materialised, and it’s clear that, so far, there has been no landlord exodus,” said Marc von Grundherr, director of Benham and Reeves. “In fact, supply has increased in almost all areas of the country since the Bill was introduced, which is welcome news for tenants who have faced unprecedented competition for homes in recent years.
“As a landlord and letting agent myself, I’ve recently invested in the buy-to-let sector as we’ve continued to see strong yields on offer and discounted deals due to a slightly slower property market with respect to house prices. With interest rates also trending downwards and mortgage payments becoming more palatable, now is a great time for long-term wealth building.
“That said, this does not mean we can be complacent. The true test will come in the months after implementation, once landlords have had time to fully digest the legislation and decide whether they wish to remain in the market.
“For now, it’s clear that the feared landlord exodus has not happened, and the private rental sector remains robust.”
