Low levels of buy-to-let activity have pushed rents higher in the UK, according to a Hamptons report.
The proportion of total purchases made by buy-to-let landlords increased by just one percentage point during the stamp duty holiday — from 11% to 12% — as investors failed to outbid owner-occupiers during the 15-month break.
Investors did not reinvest their savings in property, as prices paid by buy-to-let landlords increased by just 1% to £181,000 during the stamp duty break. House prices across the country rose by 10% over the same period.
In September, UK rents were up by 8% compared with the previous year, meaning that the average monthly rent was £1,109 a month.
Aneisha Beveridge, head of research at Hamptons, said: “A lack of stock in the rental market has supercharged rents.”
