9:19 AM, 10th November 2020, About 9 months 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.”
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