New research by Wayhome, a Gradual Homeownership provider, reveals a significant imbalance in the English property market, with rental properties accounting for only 5% of available homes in some regions.
The study examined the proportion of properties listed online for rent versus those for sale.
Although England has nearly 15.6 million owner-occupiers making up 64% of the total market, Wayhome’s findings show that 36% of renters face a disproportionately low level of available rental homes.
Out of the combined 758,351 rental and sales properties listed across England, 619,942 are for sale while only 138,409 are for rent.
This indicates that housing market stock constitutes 82% of all listed homes, compared to just 18% for rental market stock.
The Isle of Wight has the most skewed market, with rental properties making up only 5% of the total stock. Herefordshire, Cumbria, Cornwall, and Northumberland also have rental market stocks below 10% of the total.
The City of London is the most balanced market, with a 50/50 split between properties for sale and those to let.
Wayhome’s co-founder and CEO, Nigel Purves, said: “The imbalance of available property stock really highlights everything that is wrong with the property market in England and demonstrates why so many aspiring homeowners find it impossible to make the jump between the rental sector and buying for themselves.”
Purves added that the disproportionate stock availability increases demand for rental properties, pushing rental costs higher and making it harder to transition between sectors.
