Rental values are rising all over the UK
Did you know rents are rising at their fastest rate in a decade in many UK and Wales regions? Values are increasing where you’d expect them to but they’re also rising in places that may take you by surprise.
Here are six locations to watch:
Agent Knight Frank always looks at the lettings market in granular detail and one of its most recent reports, which covered the first half of 2021, showed demand for a leafier London existence is being reflected in higher rents. While values had fallen in almost every other London district, rents in Hampstead have bucked the trend by rising by +2.5% in the last six months. There were also notable value increases in Wimbledon – another neighbourhood known for its green spaces.
As well as analysing rental trends seen in the last six months, Knight Frank’s number crunchers look at more recent data, with surprising results. The ‘great comeback’ looks to be on the way, with a return to more central London locations in line with lockdown lifting. Aldgate, one of the city’s biggest urban areas, saw rental values jump +3.5% in the month to June. Echoing this is a rise in rental values of +1.9% in Wapping – another area popular with those who enjoy being close to London’s financial district.
The South West is basking in recent rental value success, with overall growth of +with the city having seen the second-biggest increase in the cost of renting in England over the last year, according to figures from Zoopla. Rents in Bristol rose +3.1% annually to £1,008 per calendar month.
Knight Frank isn’t the only agent with its eye on the changeable rental market. Barrows and Forrester provides some fascinating insightshome to the largest increase in rental demand from Q4 2020 to Q1 2021. The rise is a remarkable +25.2% and is backed up data from Rightmove, which shows rental enquiries in Birmingham increased by +51%.
A recent study byCIA Landlord revealed the most profitable cities to become a landlord in the UK. Leeds came out the top city in the North of England and the third overall. Property investors can walk away with a handsome monthly profit of £432.29, with monthly rents in Leeds hovering around the £1,216 mark and tenant demand rising 7% between 5th April and 3rd May. There’s good news for the future too, as a JLL report states that between 2021 and 2026, house prices in the city will increase by 13.5%.
In Scotland, the rental landscape is a tale of two cities. While Citylets found increased +5.8% to £838 per calendar month during the first quarter of 2021.
If you are looking to invest in any of the areas above – or anywhere in the UK - we have a Viewber ready and waiting to undertake a viewing or property visit on your behalf, so you don’t have to waste time travelling.