17 Jun 2021

There’s a large scale recovery underway in London’s rental sector according to the website Home.

The site says that while average rents are still down overall on a year ago, most boroughs show significant rises over the last three months. 

The greatest rises in asking rents over the last quarter were in the City (+30.1 per cent), Wandsworth (+9.7 per cent) and Westminster (+7.5 per cent).

The recovery is driven by returning demand as the capital slowly returns from the pandemic, says Home.

A marked scarcity of rental properties persists in all other English regions, Scotland and Wales, thereby driving up rents. 

Annual rent rises are in double digits in five of the nine English regions, according to the site.

The largest annualised average rent hikes are in the East of England (+11.1 per cent) and the South West (+16.1 per cent).

Home says: “Confidence is clearly returning to the rental market and over the coming months this will spill over into the sales market, which is still plagued by a glut of unsold stock. 

“Given the astonishing speed in the recovery in rents (and therefore yields), we expect buyer interest to increase significantly. Moreover, given that Greater London home prices have gone nowhere over the last five years, there’s plenty of room for growth.”

Link to original article

Thanks for reading!

Keep up with the latest from Landlord Licensing & Defence…

Subscribe to our YouTube Channel to find all our videos on Regulations, RRO, HMOs and much more! → https://www.youtube.com/channel/UCr1wNum9AR7kgFL9Kf0LT-Q

Join our private Facebook Group where you’ll find a support network of other landlords and experts as well as case studies and how to avoid council fines. → https://www.facebook.com/groups/1774212136183898

Follow us on Social Media for the latest in Property and Licensing…

Facebook →  https://www.facebook.com/LandlordsDefence/

Twitter → https://twitter.com/LandlordsDefenc/

LinkedIn → https://www.linkedin.com/company/20713824/admin/

YouTube → https://www.youtube.com/channel/UCr1wNum9AR7kgFL9Kf0LT-Q

Subscribe to receiveall the latest updates on regulation and legislation

Join our newsletter & mailing list to receive the latest news and updates from our experts.

You have Successfully Subscribed!