10:33 AM, 10th June 2021, About 2 years ago 2
The latest HomeLet Rental Index is showing increased demand has pushed the average annual Uk rental price up 4% to 997 pcm and if you exclude London this increases to 6.4% at £854 pcm.
Every region excluding London saw a rise in rent prices year-on-year with the East of England seeing the most significant price rise of 8.5%.
Average rents in London continued to drop year -on-year to £1,583, down by 0.9% on last year, the 12th decrease in annual variance in subsequent months.
Andy Halstead, HomeLet & Let Alliance Chief Executive Officer, said:
“We’ve seen from sharp house price spikes across the country that the Coronavirus pandemic changed what people are looking for in a property. Many are looking to buy properties offering more living space, particularly those working from home. This is also true of the private rented sector.
“Rental properties continue to play a crucial role in meeting the demands of people up and down the country, and the flexibility and responsiveness shown by the private rental sector will be vital in the coming months as the country opens up again. As rents increase, we’ve also seen an increase of over 10% in suspicious and fraudulent applications for let property; with backlogs and delays in processing evictions, the demand for high-quality tenant reference and insurances has never been higher.
“The overwhelming success of the vaccination drive brings hope that returning to some form of normality could be on the horizon. However, we would still caution that millions could be made unemployed at the end of the furlough scheme, posing considerable problems in tandem with an unbalanced rental market. Whilst the Government looks to stimulate homeownership, the importance of the private rented sector can’t be understated and should not be overlooked.”