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0:01 AM, 26th September 2023, About 8 months ago
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The rental market in England has seen a strong recovery in the third quarter of 2023, with some regions in the South East leading the way.
That’s according to the latest rental demand index from estate and lettings agent, Barrows and Forrester.
The index, which tracks the proportion of rental listings that have been let, shows that 39.8% of rental properties in England have been snapped up by tenants in Q3 2023, up from 35.7% in the previous quarter.
However, this is still lower than the same period last year when demand was at 46.0%.
James Forrester, the managing director of Barrows and Forrester, said: “Tenant activity is showing no signs of slowing down, which is reassuring news for the nation’s landlords who should be able to avoid lengthy void periods between tenancies as a result.
“What’s striking is demand is stronger outside of London, as properties in south coast areas like West Sussex are being rented out like hotcakes.
“Clearly a high number of tenants are still prioritising green space and having access to the coast, from which you can draw a number of conclusions.”
He added: “Tenants could be looking for more value away from major cities in commuter towns, more could be taking advantage of the post-pandemic work from home culture, while older tenants could be moving to areas more suitable for their needs, where they’re better placed to start a family.”
The most in-demand region for renting in England is West Sussex, where 56.5% of rental homes have been let agreed, while Bristol is the second most popular rental destination, with 55.5% of properties being rented out, followed by Northamptonshire with 55%.
Other regions that have seen high demand from renters include Bedfordshire, Hertfordshire, Somerset, Buckinghamshire, Hampshire, Essex and Cambridgeshire.
London has seen below-average demand from tenants, with only 32.6% of rental listings being let agreed.
The City of London has the lowest demand in the whole of England, with just 28.6% of properties being rented.
The index also reveals the regions that have seen the biggest changes in rental demand over the last quarter and year.
Leicestershire has recorded the highest quarterly growth in demand, rising by 10.6% to 34.3%.
West Yorkshire and Tyne and Wear have also seen significant increases in demand, rising by 9.0% and 10.3% respectively.
The Isle of Wight has seen the biggest drop in demand over the quarter, falling by 16.4% to 38.9%.
Rutland and Dorset have also experienced declines in demand, dropping by 12.1% and 11.4% respectively.
Lancashire has been the top performer over the year, with demand growing by 7.4% to 39.0%.
Leicester and Worcestershire have also seen strong annual growth in demand, rising by 6.6% and 6.0% respectively.
The City of London has suffered the most over the year, with demand plummeting by 16.8% to 28.6%.
Nottinghamshire and Greater London have also seen sharp falls in demand, dropping by 15.9% and 11.3% respectively.
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