September 21, 2023

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Common month-to-month rents in Nice Britain hit file excessive

4 min read

In the event you’ve been following the property market just lately, you’ll know that costs, whether or not that’s properties to lease or on the market, have been rising.

And one of many foremost causes for these will increase is as a result of there aren’t sufficient properties obtainable to satisfy the demand from folks seeking to transfer.

Demand from renters is up 20{386e08ceb723f810e95c3f5b250a4516ccc5ffc0970ec97e025050ac2f457f0a} when in comparison with the identical interval in 2021, which is pushing up common month-to-month lease funds. The common month-to-month lease in Nice Britain is now £1,162, up 11{386e08ceb723f810e95c3f5b250a4516ccc5ffc0970ec97e025050ac2f457f0a} in a yr, and by 3.2{386e08ceb723f810e95c3f5b250a4516ccc5ffc0970ec97e025050ac2f457f0a} since July 2022. That is solely the third time that rents have risen by 3{386e08ceb723f810e95c3f5b250a4516ccc5ffc0970ec97e025050ac2f457f0a} or extra in a 3 month interval.

Learn extra about what’s happening within the rental market right here

Some excellent news is that in virtually each area of Nice Britain – the exception being London – there are extra properties obtainable to lease now than there have been earlier in 2022. However this nonetheless hasn’t been sufficient to maintain up with the variety of folks seeking to transfer.

Our property skilled, Tim Bannister, says that there must be way more properties obtainable for lease earlier than the present ranges of demand might be met.

He says: “It’s an actual problem for renters for the time being, as there are merely not sufficient properties obtainable to lease to satisfy the demand from folks enquiring. Finally, the hole between provide and demand is turning into wider throughout the board. We’ll want a major addition of properties to return onto the market to even start to steadiness the scales.”

The place have rents elevated probably the most?

Space Area Common asking
lease per
calendar month
Q3 2021
Common asking lease
per calendar month
Q3 2022
Newbury South East £1,003 £1,226 +22.2{386e08ceb723f810e95c3f5b250a4516ccc5ffc0970ec97e025050ac2f457f0a}
Manchester North West £959 £1,157 +20.5{386e08ceb723f810e95c3f5b250a4516ccc5ffc0970ec97e025050ac2f457f0a}
Cardiff Wales £870 £1,041 +19.6{386e08ceb723f810e95c3f5b250a4516ccc5ffc0970ec97e025050ac2f457f0a}
Sale North West £873 £1,037 +18.8{386e08ceb723f810e95c3f5b250a4516ccc5ffc0970ec97e025050ac2f457f0a}
Wilmslow North West £965 £1,142 +18.3{386e08ceb723f810e95c3f5b250a4516ccc5ffc0970ec97e025050ac2f457f0a}
Edinburgh Scotland £1,002 £1,182 +18.0{386e08ceb723f810e95c3f5b250a4516ccc5ffc0970ec97e025050ac2f457f0a}
Torquay South West £764 £899 +17.7{386e08ceb723f810e95c3f5b250a4516ccc5ffc0970ec97e025050ac2f457f0a}
Salford North West £972 £1,144 +17.6{386e08ceb723f810e95c3f5b250a4516ccc5ffc0970ec97e025050ac2f457f0a}
Birmingham West Midlands £882 £1,037 +17.6{386e08ceb723f810e95c3f5b250a4516ccc5ffc0970ec97e025050ac2f457f0a}
North Shields North East £600 £705 +17.4{386e08ceb723f810e95c3f5b250a4516ccc5ffc0970ec97e025050ac2f457f0a}

We’ve seen a lot of home-movers seeking to lease properties in, or near, cities throughout Nice Britain. Through the pandemic, many individuals selected to maneuver to coastal cities and the countryside, however we’re now seeing a reversal of that pattern. And cities like Manchester, Cardiff and Edinburgh are among the many areas the place rents have risen probably the most up to now three months.

John O’Malley, CEO at Pacitti Jones in Glasgow, says: “In essence youthful professionals need the identical issues as they at all times wished – to exit and have an excellent time – and this implies being again within the coronary heart of our cities and having fun with the social facilities obtainable.”

And it’s not simply the youthful technology seeking to dwell in vibrant metropolis centre places: “The dramatic rise in the price of residing implies that we are actually beginning to see older folks downsizing to flats to scale back family payments. And that is one thing we anticipate to see extra of,” says John.

How will you improve your probabilities of getting the rental house you need?

With the excessive degree of competitors for rental properties for the time being, the very best factor you are able to do is to be as ready as attainable if you begin searching for your subsequent house.

Director of Benham and Reeves, Marc von Grundherr, says that in addition to ensuring you’ve your deposit prepared – which is normally round 5 weeks’ lease – it’s can even actually assist if you happen to’ve acquired the entire vital paperwork at hand, from proper to lease permissions, to present and previous addresses, worker and private references, and financial institution statements.

“And in relation to viewings, make your self obtainable. The market strikes extremely quick, so ready for a night viewing or till the weekend might see you miss out. If a property is best for you, act as quickly as attainable to safe it,” says Marc.

“And eventually, be prepared to maneuver. A landlord will ideally search for a tenant who is ready to lease their property as quickly as the present tenant vacates,” he provides.

You may arrange on the spot alerts to obtain notifications as quickly as properties are listed for lease. Or check out our useful renters’ guides if you happen to’re searching for a house to lease.

The header picture for this text was supplied courtesy of Benham & Reeves, Hampstead – Lettings.

READ MORE: Emergency lease freeze and eviction ban legal guidelines handed in Scotland

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