According to Propertymark’s Private Rented Sector Report, the private rented sector is experiencing continued growth, and not showing any signs of slowing down, with rents and rental yields on the rise.
Buy Association reports that the number of new prospective tenants registered per branch has increased for the third consecutive month, rising from 82 in February to 84 in March, and the West Midlands saw the highest number of new tenants per branch with an average of 157.
The report also stated that 60 per cent of letting agents saw an increase in rent from landlords, up from 49 per cent in February and 20 per cent in March. Letting agents have also seen rental stock drop.
Mark Hayward, chief policy advisor at Propertymark, the UK’s professional and regulatory body for letting agents, said: “It’s great to see that the rental market is continuing to boom as demand for rental properties rises.
“Of course, as demand rises and the number of properties decreases, rent prices will inflate, but we’d encourage letting agents to continue to support landlords and their tenants throughout the ongoing COVID-19 difficulties where possible and ultimately it is positive to see rent flowing and incomes returning for many people.”
Average rents have also hit a record high as the UK eases out of lockdown, now reaching £996 per month, according to HomeLet.
Also, HomeLet recorded a month-on-month increase in rental values in nine of the 12 regions it monitors between March and April this year, and 11 of the regions saw a year-on-year increase from April 2020 to April 2021.
Additionally, nine of the 12 regions monitored by HomeLet registered a month-on-month increase in rental values between March and April this year. And 11 of the regions saw a year-on-year increase from April 2020 to April 2021.
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