Rental market picks up
According to the most recent survey by the Royal Institution of Chartered Surveyors the lettings market is continuing to improve.
Tenant demand has continued to increase, however landlord instructions are ever so slightly decreasing which means that demand is continuing to out weigh supply.
The imbalance between demand and supply has continued to put pressure on rents. The most rent data from the Dataloft Rental Market Analytics shows that the average monthly rent in England (excluding London) is £818, whilst it’s just over £1,700 in Greater London.
So far this year Average rental values across the UK rose by 1.3% in the year to March 2021, and rents in the UK excluding London increased by 1.7%.
It’s predicted that rents are expected to increase by just under 3% over the next 12 months, which will see rents increase even higher. However, London is the only region where rents are not expected to rise over the year to come as it’s predicted that they will continue to stay the same.
If you’re a landlord and wondering if you’re getting the right rental value from your portfolio why not speak to your local branch to discuss your options?
Sources: Dataloft Inform and Royal Institution of Chartered Surveyors.
