A continued rise in demand and low supply is fuelling price growth across UK rental markets. September is traditionally the busiest month for new tenancy starts, and 2021 is likely to be no exception.
Premium rents across the UK have increased by 4.2 percent over the past year, with the average in the UK now £3,043 per month. Average rents for premium properties in the North East, East Midlands and South West have all risen by over 10 percent year-on-year with rental rises of between 5 percent and 10 percent recorded in a further four regions. Premium rents in London continue to decline, but the rate of fall has slowed, -2.9 percent fall in the last 12 months compared to the annual rate of -5.2 percent reported last month. Following the trend in the mainstream market, we would expect premium London rents to see some recovery in coming months.
Renter demand remains high, up 13 percent year-on-year (Rightmove). A shortage of property to purchase in the sales market, the start of the academic year and the removal of final pandemic restrictions are all sources of heightened demand in the market. Demand for pet-friendly rentals has surged over the past year, Rightmove reporting searches up 120 percent. The desire for more outdoor space has also led to a spike in demand for properties with a balcony (70 percent) or garden (38 percent). Parking is also popular (48 percent). Research by Dataloft and Property Academy indicates that 38 percent of renters would pay a price premium for a parking space, and 31 percent for a pet-friendly property.
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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