Blog
Demand for rental properties has reached new heights
- Details
- Hits: 935
The average rent of a newly let property outside of London is 8% higher than in February last year, which equates to £68 more per month.
This increase in demand for rental properties has been influenced by the pandemic, as potential buyers have either delayed their plans due to their financial stability or concerns.
Furthermore, as the furlough scheme is relatively new, lenders tend to be reluctant to provide mortgages to applicants where their employment status is changing or uncertain, meaning that renting may be a more viable option for those still out of work.
Rent prices
67 per cent of agents said they saw landlords increasing rent over the last 12 months. This figure has doubled since 2019.
At the same time, the number of tenants able to get a rent reduction decreased by 1.7% – the lowest recorded number since January 2020.
Selling up
The number of landlords selling their buy-to-let properties has decreased year-on-year.
With the market booming, this has remained consistent over the last seven months.
If you're looking for a lettings valuation of your property or need help managing your portfolio, contact us for more information.
*Propertymark’s latest private rented sector report
Why Sell or Let with us?
We offer a free no obligation professional valuation service performed by our specialist staff. Enter your details here and we will be in touch.
- Competitive Fees
- Extensive Local Knowledge
- Long Established and Market Leaders
- 5* Reviews across Google, Allagents, TrustPilot and Facebook
Rather speak to someone? Contact us!
The Propertymark logo is a Collective Trademark owned by Propertymark Ltd