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Lettings market strong – and even London recovering a little
Average annual rental growth across Britain hit 8.0 per cent in September, the third fastest annual rate of growth recorded this year.The data comes from lettings agency Hamptons.
Regions in the southern half of England have continued to drive rental growth.
The average rent on a new home rose 14.8 per cent in the South West, 14.7 per cent in the South East and 10.8 per cent in the East of England. September marked the sixth consecutive month where annual rental growth hit double figures in the South West.London rents have also continued to recover. Although Inner London annual rent figures fell for the 20th consecutive month, the 4.4 per cent annual fall was the smallest decline this year, and smaller than the 22.1 per cent decrease recorded in April when the market bottomed out.
In Outer London, rents grew 3.2 per cent annually in September, rising for the 13th consecutive month. This kept Greater London rents overall in positive territory, up 1.8 per cent year-on-year.
“The average four-bed home now costs 120 per cent more than a one-bed, up from 95 per cent pre-pandemic. While we are expecting this growth to moderate in the final few months of the year, it is likely 2021 will mark some of the fastest rates of rental growth in a generation.”
Original Source: Letting Agent Today. Original Author: Graham Norwood.