It seems like the UK lockdowns have given the country itchy feet, with the nation wanting to either move house or renovate! Since the lockdown restrictions were lifted in May, there has been a surge in people enquiring to move house and recent reports indicate that this is also the case for lettings.
Families and Landlords Benefit
Results from Homelet indicate that rents are rising across the UK as demand continues to grow for that perfect place to call home.
In October, rents in the UK rose by 2.2% compared to the same time last year, with the average rent now standing at £974 a month. If you exclude London from these statistics, then the average rent in the UK is now £821 per month, which shows an increase of 4.4% on last year's average.
The impact of Covid 19 has changed the way that we are living and working since lockdown and the influx of people wanting to move out of central London has led to reduced demand and therefore reduced rental amounts.
For October average rents in London were £1,603, which is down by 3.7% on last year and signals the fourth decrease in as many months, as the capital currently suffers as a consequence of lockdown. October Rental Index reveals that rents rose in 10 out of the 12 UK regions covered in the research
Charlie Benn, Lettings Director for Anthony Martin Estate Agents said “ After a number of years, it is great to see an improving rental market that offers a better environment for both tenants and landlords. It should improve the quality and stock of housing available which is encouraging and allows this part of the British economy to grow”.