9:19 AM, 10th November 2020, About 2 years ago 2
The latest Hometrack Rental Market report for quarter 3 2020, based on data from Zoopla, is indicating that while annual rental incomes are on average for the whole of the UK up 1.7% the London market has fallen 5.2%. The latest average monthly rental income for a UK property is now £890.
Lockdown and the pandemic crisis are being factored in as more employees working from home are changing commuting traffic and weaker tourism affect demand in the Capital. Additionally, the search for increased space (gardens and spare rooms for offices) has resulted in a faster-moving market for rented houses over flats, but demand for all rented property is still driving the market faster than in 2019.
The average time to rent a house is now 16 days, down from 20 days last year and time between listing a flat and let agreed is 18 days, down from 20 days last year.
The most popular search terms for rental property have shifted emphasis to space for renters, showing a new top five:
David Ross, Hometrack Managing Director, said: “Despite a very clear split between London and the rest of the UK, our research in consumer behaviour within the capital provides some confidence in the longer-term outlook. We’re seeing potential new rental hotspots emerging in extended commuter belt territory.
“However, the impacts of employment vulnerability and decreasing wages nationally may put downward pressure on rental values as we move into next year.
“The rate of BTL lending has moderated to pre-coronavirus levels, with new applications now sitting at 95% of March totals.”
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
|“Account”||means an account required to access and/or use certain areas and features of Our Site;|
|“Cookie”||means a small text file placed on your computer or device by Our Site when you visit certain parts of Our Site and/or when you use certain features of Our Site. Details of the Cookies used by Our Site are set out in section 13, below;|
|“Cookie Law”||means the relevant parts of the Privacy and Electronic Communications (EC Directive) Regulations 2003;|
|“personal data”||means any and all data that relates to an identifiable person who can be directly or indirectly identified from that data. In this case, it means personal data that you give to Us via Our Site. This definition shall, where applicable, incorporate the definitions provided in the EU Regulation 2016/679 – the General Data Protection Regulation (“GDPR”); and|
|“We/Us/Our”||Means Property118 Ltd , a limited company registered in England under company number 10295964, whose registered address is 1st Floor, Woburn House, 84 St Benedicts Street, Norwich, NR2 4AB.|
|Name of Cookie||Purpose||Strictly Necessary|
|JSESSIONID||Used only to collect performance data, with any identifiable data obfuscated||No|
|__cfduid||This cookie is strictly necessary for Cloudflare's security features and cannot be turned off.||Yes|
|Name of Cookie||First / Third Party||Provider||Purpose|
|__utma, __utmb, __utmc, __utmt, __utmz||First||Helps to understand how their visitors engage with our website|
|_fbp||First||Helps to understand how their visitors engage with our website|