City rental demand climbs as return to workplaces goes on

City rental demand climbs as return to workplaces goes on


Todays other news


A lettings agency’s research has revealed that rental demand has continued to climb across most major UK cities during the third quarter of 2021, as a slow return to the workplace spurs improved demand.

The Barrows and Forrester Rental Demand Index monitors listings in cities; it takes an average demand score for each major city based on where has the highest number of properties that are already let, as a percentage of all rental listings.

The analysis of 23 cities found demand averaged 42.9 per cent during the third quarter, a 9.9 per cent increase on the previous quarter and 6.8 per cent higher than this time last year.

Cardiff and Glasgow have enjoyed the largest quarterly uplift with rental demand climbing by 22.1 per cent in both cities.

Bristol and Edinburgh have also seen tenant demand lift by more than 20 per cent with Cambridge just behind.

Other cities to make the top 10 where a quarterly tenant demand uplift are concerned include Manchester, Newcastle, Southampton, Plymouth and Birmingham – all between 10 and 15 per cent.

Cardiff, Cambridge, Edinburgh, Manchester, Bristol, Glasgow and Birmingham also rank within the top 10 where an annual change in tenant demand is concerned.

They are joined by Newcastle, Bournemouth and Sheffield to complete the top 10 largest increases in annual rental demand.

 

The managing director of Barrows and Forrester, James Forrester, comments: “There have been numerous indicators of late that the UK rental market is starting to once again find its feet after one of the most difficult periods in recent times.

“The demand for city rental homes, in particular, was heavily impacted during the pandemic and as a result, many landlords were forced to stomach a significant decrease in rental income in order to secure a tenant.

“However, this is starting to change and we’re seeing a notable uplift in demand for rental properties across many of the nation’s major cities. We expect to see a further boost over the coming months as many tenants look to secure a property ahead of the new year and a fresh start.”

 

Share this article ...

Join the conversation: Login and have your say

Recommended for you
Related Articles
Foxtons says this week’s surprise stamp duty rise won’t deter...
A prominent supplier is warning that measures announced in the...
The increase in stamp duty on buy to lets is...
New figures published by HMRC show a 7% rise in...
Reeves to slash Right To Buy discount on Wednesday...
A report from Propertymark has laid out the stark and...
Recommended for you
Latest Features
Agents should not panic about the controversial Renters Rights Bill,...
Foxtons says this week’s surprise stamp duty rise won’t deter...
Rightmove is testing an AI-powered tool...
Sponsored Content
In an industry where compliance and client money handling are...
PropTech provider Reapit will announce the latest enhancement to its...
B-hive Block Management Partners Celebrates Major Milestone With Over 100...

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.

No one likes pop-ups ...
But while you're here