Percentage of let agreed properties compared to listed is climbing

by Property118.com News Team

10:55 AM, 29th September 2020
About 2 months ago

Percentage of let agreed properties compared to listed is climbing

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Percentage of let agreed properties compared to listed is climbing

The latest Rental Demand Index for Quarter 3 from Howsy, has revealed that demand for rental homes across the UK’s major cities has increased +13% since Q2. Howsy’s index looks at rental listings across all of the major property portals, taking an average demand score for the nation’s major cities based on where has the highest number of properties already let as a percentage of all rental listings.

The research then highlights where the highest level of tenant demand currently is based on this supply/demand ratio.

The latest index shows that the average rental demand across 20 major UK cities is currently 36%, having climbed +13% in the last quarter.

Belfast has seen the largest increase in tenant demand, up +31% since quarter two followed by Glasgow (+29%), Bournemouth (+26%) and Bristol (+21%).

Aberdeen (+1%), Leeds (+4%) and Leicester (+4%) have seen the lowest uplift in tenant demand in the last three months.

Tenant demand in London has increased by 10% since Q2, however, a number of the capital’s peripheral boroughs have seen a stronger uplift.

Kingston has seen tenant demand lift by +18% in the last three months, the biggest increase of all boroughs.

Richmond (+15%), Havering (+13%), Islington (+13%), Hillingdon (+13%) and Barking and Dagenham (+13%) have also seen some of the largest increases.

Founder and CEO of Howsy, Calum Brannan, commented:

“Despite some tenants finding themselves in financial difficulty due to the current pandemic, demand for rental properties continues to climb across the UK’s major cities as many still require a roof over their heads and have the financial stability to secure one.

This will be welcome news for landlords who have had a tough few months with little to no help from the Government. With a ban on evictions now over, they can attempt to return to normality and claw back some income on their bricks and mortar investment.”

Top 20 Cities 2020 Q2 to Q3 2020
Q3 Change
Belfast 51% 31%
Glasgow 49% 29%
Bournemouth 62% 26%
Bristol 64% 21%
Southampton 41% 17%
Swansea 25% 17%
Newport 57% 16%
Oxford 36% 15%
Cardiff 34% 15%
Portsmouth 49% 14%
Nottingham 50% 13%
Newcastle 28% 12%
Liverpool 30% 10%
London 33% 10%
Cambridge 34% 9%
Birmingham 28% 9%
Edinburgh 16% 9%
Sheffield 29% 9%
Manchester 29% 9%
Plymouth 37% 7%
Leicester 22% 4%
Leeds 17% 4%
Aberdeen 7% 1%
UK Cities average 36% 13%
London Borough 2020 Q2 to Q3 2020
Q3 Change (%)
Kingston upon Thames 44% 18%
Richmond upon Thames 37% 15%
Havering 52% 13%
Islington 28% 13%
Barking and Dagenham 35% 13%
Hillingdon 37% 13%
Sutton 58% 12%
Lambeth 32% 12%
Wandsworth 34% 12%
Hounslow 29% 12%
Haringey 32% 11%
Tower Hamlets 24% 11%
Bromley 56% 11%
Croydon 44% 11%
Hackney 29% 11%
Camden 19% 11%
Hammersmith and Fulham 23% 11%
Merton 37% 11%
Southwark 27% 10%
Harrow 33% 10%
Greenwich 35% 10%
Enfield 42% 10%
Ealing 24% 10%
Newham 30% 9%
Barnet 25% 7%
Westminster 11% 6%
Lewisham 35% 6%
Kensington and Chelsea 10% 6%
Brent 18% 5%
Waltham Forest 37% 5%
Redbridge 29% 4%
City of London 13% 4%
Bexley 60% 3%
London 33% 10%

 

  • Data on rental demand sourced from Rightmove and Zoopla
  • Demand percentage = Number of properties already let agreed as a percentage of all rental listings.

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Comments

Steven

10:03 AM, 30th September 2020
About 2 months ago

It's all building nicely for the big corporates to come in once the talk of rent control dies down. In the meantime, just a few more of us tiddlers to be painfully squeeeeezed out with - this time - vote winning 6 month eviction bans. Expect more pain, driving higher demand as we exit the market...


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