England’s hottest rental market is…

England’s hottest rental market is…

10:35 AM, 30th March 2023, About 11 months ago

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Landlords with properties to rent in Cornwall currently have the nation’s hottest rental market, a rental demand index reveals.

The findings from estate and lettings agent, Barrows and Forrester, show tenant demand is not the highest there – but the county has also seen the largest increase in 2023.

The index gauges tenant demand for homes across each of England’s counties based on available rental stock levels and agreed lets.

In the first quester, 36% of all rental market stock has been snapped up already by tenants, with demand climbing +1.9% on the previous quarter.

However, the index highlights that tenant demand is 2.1% lower than this time last year.

‘The market as a whole isn’t quite as hot as it was’

James Forrester, the managing director of Barrows and Forrester, said: “While rental demand has crept up in Q1, the market as a whole isn’t quite as hot as it was this time last year, which means tenants looking for a property in the current rental market should find it that little bit easier.

“Of course, in some areas demand remains incredibly high, while in others it has increased substantially both on a quarterly and annual basis.

“The upshot for tenants in these high demand areas is a far tougher time securing a rental home and when they do, they can expect to pay an inflated level of rent for the pleasure.”

He added: “Unfortunately, with the government once again choosing to ignore buy-to-let landlords in the recent spring statement, the issue of rental stock supply is only likely to get worse as the year progresses.”

Cornwall tops the hot spot table

While Cornwall tops the hot spot table with a huge 64% of all available rental stock being let already, West Sussex comes a close second with 60%.

They are followed by Bedfordshire (56%), Dorset (55%) and Wilshire (55%) also ranking in the top five.

Cornwall has also seen the largest quarterly uplift in demand, with 26% more rental properties let in Q1 versus Q4, 2022.

Rutland is home to the second highest quarterly increase, with rental demand up by 15% in Q1 of this year.

It is followed by Bristol (+12%), East Sussex (+11%) and Greater Manchester (+9%).

However, on an annual basis, it is Bedfordshire that has seen the largest uplift in demand at 5.3%.

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