Since 2015, rental prices in the UK have risen by 10.6%.
The new research from LandlordBuyers.com has said that private rental prices jumped by 1.2% in the last 12 months and there are a record number of aspiring homebuyers in the UK.
The only area where private rents fell was in London by -0.1%.
“Rental prices will always rise where there are more tenants than available properties and in our experience, the UK rental market is continuing to see strong demand at present,” said Jason Harris-Cohen, the LandlordBuyers.com Managing Director.
“Despite a pandemic, moving activity in the UK rental market has remained buoyant – and perhaps you could say rental demand is at such high levels because of the pandemic, with people moving for re-evaluated lifestyles and working practices. The statistics suggest that even as a semblance of normal life resumes, we will keep the same pace in the private rental sector. We expect rents to keep rising, although incrementally, and voids to stay low.”
“Rents are slightly too high at present but this is simply a byproduct of the supply and demand situation in the UK. Research from Propertymark revealed 68% of agents said they saw landlords increase rents in June 2021, compared to 60% in March 2021 Additionally, when looking at the year-on-year statistics, this figure has more than doubled since April 2019. If more lets become available, however, we may start to see rents fall.”