Is there a shortage of rental properties UK?
Estate agents Countrywide say that last year, more than 275,000 new tenants registered for private rental accommodation – a 24 per cent increase on the previous year. Across most of the UK there is a shortage of property to rent which means rental prices are remaining high and increasing in some areas.
Why are there no rental properties?
So why are there so few rental properties? There are five main drivers behind the current lack of stock: … With property prices rising and the Stamp Duty holiday, many Buy-to-Let Landlords are capitalising on their investments and are selling.
Why is it so hard to find a place to rent 2021?
Since fewer people are selling at the moment, there are fewer investors picking up new properties. … Now there are less properties available to rent, even though there are more renters than ever. This also has caused the start of a rise in rental prices, which is expected to continue through 2021.
Why has rent gone up?
Rent is surging for a number of reasons, including more certainty in the job market and young people moving out on their own as pandemic restrictions end, says Nicole Bachaud, a market analyst at Zillow. Many people left cities and others moved in with family members in 2020, but that’s reversing now.
Where is the highest rental demand in UK?
Glasgow provides the best rental yield of any UK city, with an estimated return of 7.52%. The rent in 4 London boroughs is more than 80% of the borough’s average salary.
What is the UK rental market like now?
Despite the adversity of the pandemic conditions, the rental market in London has experienced its first price increase in over a year, with a 1.5% annual rise to £1,607 pcm. However, this figure is still currently sitting lower than the pre-Covid average of £1,611 in June 2019.
Are rental properties in demand?
The increase in demand for London rental properties may also be linked to the statistic that rental prices are rising everywhere but in London, according to BuyAssociation. The study also shows that in England alone, rental values have increased by 3.2% between September 2019 and September 2020.
Why is the rental market so bad?
Housing stress is being exacerbated in regional New South Wales as sea and tree-changers drive up property prices and demand for rentals, pushing locals out of the market. … However, other cities, such as Perth and Darwin, and regional areas nationwide have seen a decreased availability of rentals.
Are rental properties going up?
The average asking rent is now higher than this time last year in every region except London, although the capital is starting to see an improvement. London rents grew by 1.5% in Q2 compared to Q1, marking the first increase since Q1 last year before the pandemic started.
Why is it so hard to find a rental home?
2. Meeting your non-negotiables for location and amenities. It can be tough to find a place to rent that is within your budget and also not too far from your work, friends, or gym. You may have your eye on a certain neighborhood, but perhaps there are no available rental listings in that specific area.