Residential rents rising

The ONS has reported a 1.5% annual increase in private rents in August, which follows news of tenant demand continuing to increase as well.

All regions across the UK saw in increase in private rents and the South West of England had the biggest annual increase at 2.5%. Greater London saw an increase of 1.3% and the South East just 1%.

The increase in rents is likely to be down to the increasing number of tenants coming to the market and the lack of new properties becoming available, partly due to the eviction ban.

However, it does look likely that there will be a number of rental properties coming to the market in quarter four of this year as 13.1% of leases are set to expire.

With this all in mind nearly third of agents expect rents to continue to increase further over the next three months, according to a survey from RICS.

If you’re looking for a next rental property then take a look at our guides to renting to make sure you’re in the strongest position when it comes to finding your next home. Or, if you’re a landlord looking to invest or wondering how much your property could make on the rental market why not speak with your local office and arrange a detailed market appraisal?

Sources: Dataloft Rental Market Analytics, ONS, RICS