Figures from the 211-office agency Belvoir shows that average rents in Britain exceed the pre-downturn late 2008 figure by a mere 3.5 per cent.
“Belvoir's rental index is produced by property expert Kate Faulkner, and looks at national and regional trends. The Q3 2015 index shows that almost six years post-recession, average rents in England, Scotland and Wales exceeded the Q3 2008 – but only by 3.5 per cent” says Dorian Gonsalves, Belvoir's director of commercial and franchising.
“A total of 14 Belvoir offices in counties that include Lancashire, Norfolk and Devon have yet to recover to levels reached in 2008” Gosalves says.
“Clearly the market is far from 'spiralling out of control' in terms of rental increases, although this has repeatedly been suggested in media reports throughout the year. It is very clear that a shortage of good quality accommodation is strongly impacting on the market and the ability of agents to meet tenant demand.”