Rental availability across England rose sharply at the end of 2025 despite concerns that forthcoming reforms would prompt landlords to exit the sector, new analysis from Inventory Base shows.
The data reveals that available rental stock increased by 25% in Q4 2025 compared with Q3, while a 15.4% rise year-on-year points to a larger-than-usual build-up of homes on the market.
While seasonality played a part, Inventory Base says the scale of the increase suggests wider behavioural changes among tenants rather than a sudden expansion in supply.
The largest quarterly increases in rental stock were recorded in the City of Bristol (74.8%), Leicestershire (67.6%), Tyne & Wear (66.7%), Warwickshire (66.4%) and West Yorkshire (65.2%). Rutland (61.5%) and Merseyside (60.1%) also saw growth of more than 60%.
LONDON FALLING
London was the only area to see a fall in availability. Stock in the City of London declined by 14.1% during the quarter, while Greater London recorded a smaller drop of 2.4%.
Sián Hemming-Metcalfe (main picture, inset), Operations Director at Inventory Base, says: “The Renters’ Rights Act fundamentally changes the risk profile for private landlords.
“It makes affordability harder to assess, limits how risk can be managed during a tenancy, and reduces the levers landlords have to protect their assets. That’s why there’s been so much noise about landlords exiting the sector.
“What these Q4 figures tell us is that this hasn’t happened yet. Instead, what we’re seeing looks much more like tenant hesitation.
“Tenants know the reforms are coming.”
“Tenants know the reforms are coming and, quite rationally, many are choosing not to move until those protections are firmly in place. When tenants stop moving, homes sit on the market for longer, and available stock builds up, even though the overall number of rental homes hasn’t changed.”
HARD TIMES
And she adds: “That slowdown in tenant movement is likely making life difficult for some landlords and developers right now, including in the build-to-rent space.
“Properties are available, but demand isn’t clearing them at the usual pace. Add to that the fact that Q4 is traditionally a quieter period for moves, and the picture becomes clearer.
“The real test will come as we move closer to implementation.”
“The real test will come as we move closer to implementation and into the summer, when the Act is fully live. Supply may tighten, but landlords tend to be more resilient than the commentary gives them credit for.
“What’s far less debatable is that operating a rental property is becoming more complex.
“From here on in, landlords are going to need to be much more deliberate. Strong compliance, watertight inventories and inspection reports, and clear documentation aren’t optional extras – they’re essential if landlords want to protect income, agents want to avoid disputes, and both want to stay on the right side of a rapidly changing regulatory landscape.”
