Tenant demand continues to climb as the economy reopens and some normality returns following the third lockdown. Agents remain optimistic about rents as we prepare for the rental market’s busiest time of the year.
Tenant demand continues to recover as Covid-19 restrictions ease. The RICS residential market survey, gauging the mood of agents, indicates a net balance of +60 percent of agents reporting an increase in tenant demand in the three months to April. This is up from a net balance of +14 percent in January. Tenant demand in London returned to positive territory for the first time since Q1 2020.
The average rent in the UK is now £997 per month, up four percent on a year ago (HomeLet). Near term rental growth expectations also rose sharply, returning a net balance of +55 percent in April, compared to a net balance of +15 percent in the previous quarter. Twelve-month rent expectations in London moved slightly into positive territory for the first time since early 2020. Agents expect rents to rise by an average of three percent over the next 12 months in the UK.
The rental market is about to enter its busiest time of the year. Analysis from Dataloft Rental Market Analytics reveals that 40 percent of tenancies are set to expire between July and September: July (14 percent), August (16 percent) and September (10 percent). This annual surge in activity is usually a combination of students seeking accommodation, graduates starting new jobs and families looking to settle into new homes for the next academic year. If further restrictions are lifted on 21 June, we hope to see usual migration patterns return.
If you are looking to make the most of your rental property investment or find a new investment, get in touch with your local Fine & Country agent today. Fine & Country Lettings offer a range of services and prime industry knowledge and experience to manage your investment and lend advice.
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