Top 5 cities for runaway rental values
Move over London. The top five cities where rental values are rising the most are all outside of the south east, as Viewber discovers!
Despite the pandemic, our obsession with property continues. As you would expect, the initial shock dampened demand but already the market is showing signs of recovery, especially in the lettings sector.
In fact, Zoopla research has revealed demand for rental homes bounced back 30% in the first two weeks of April 2020, following a drop of 57% in the last fortnight of March. The property portal has also been using the lockdown period to prepare its latest rental report, creating a list of the top cities registering the highest annual rental growth, when comparing the last quarter of 2019 with the first quarter of 2020.
Viewber has taken a look at the top five to provide a snapshot of each hotspot:-
1. Nottingham
With a buzzing city centre contrasted with the leafy Sherwood Forest, Nottingham offers the best of both worlds. Highlights include Nottingham Castle, The Lace Market and Nottingham Contemporary Art Gallery.
- Annual rental growth in Q4 2019: 5.10%
- Annual rental growth in Q1 2020: 5.90%
- Average property rent*: £907 pcm
- Most expensive property to rent: an eight-bedroom student property at £5,720 pcm
- Cheapest property to rent: one-bedroom flat at £375 pcm
2. Bristol
Bristol is one of the UK’s most iconic cities, with the Clifton Suspension Bridge as a stunning backdrop. This ‘unofficial capital of the South West’ features quarters including the habourside, Millennium Square and the Old City.
- Annual rental growth in Q4 2019: 5.10%
- Annual rental growth in Q1 2020: 5.50%
- Average property rent*: £1,248 pcm
- Most expensive property to rent: a six-bedroom serviced apartment at £4,500 pcm
- Cheapest property to rent: a studio apartment at £550
3. Leeds
Easily explored on foot, Leeds is a compact metropolis at the forefront of the UK’s regeneration efforts. The canal and dock network is a reminder of the city’s industrial past, although a vibrant retail and leisure sector makes Leeds fit for the future.
- Annual rental growth in Q4 2019: 4.20%
- Annual rental growth in Q1 2020: 5.20%
- Average property rent*: £1,202 pcm
- Most expensive property to rent: a six-bedroom house share at £3,562 pcm
- Cheapest property to rent: a studio apartment at £325 pcm
4. Stoke
An industrial gem once known for its ceramics and pottery industry, Stoke has embraced a culture of change. Flagged as having one of the fastest-growing economies of any UK city, Stoke has been quick to reform and regenerate whilst preserving its fascinating past.
- Annual rental growth in Q4 2019: 4.30%
- Annual rental growth in Q1 2020: 4.60%
- Average property rent*: £705 pcm
- Most expensive property to rent: a six-bedroom farm house at £3,995 pcm
- Cheapest property to rent: a one-bedroom flat at £275
5. Gloucester
This cathedral city nestling in the beautiful Cotswolds has immense appeal and heritage charm. Gloucester’s historic docks have been transformed to include bars, restaurants and attractions, while arts and sports venue are dotted throughout the city.
- Annual rental growth in Q4 2019: 2.40%
- Annual rental growth in Q1 2020: 4.20%
- Average property rent*: £847 pcm
- Most expensive property to rent: a six-bedroom semi-detached house at £3,750 pcm
- Cheapest property to rent: a studio flat at £375 pcm
Viewber offers a national service – so includes the five cities listed above. Please get in touch if you are an estate agent, lettings company, property manager or auction house in need of property visit or viewings assistance as well as 360 tours and Whatsapp live viewings.
*Figures taken from home.co.uk, 29th April 2020
All properties taken from Rightmove, 29th April 2020
