At David Harris & Co, we are pleased to say we keep in touch with what is happening locally and nationally in the rental market. There is no denying there is significant demand for rental property, and if you are keen to make an informed decision, or you need support in managing your rental accommodation in Finchley, we can help.
A record-breaking month
According to the latest figures from ARLA Propertymark, the average number of new prospective tenants registered per branch rose to 102 in July 2021. This is a significant rise from the 88 new tenants per branch recorded in June 2021.
The figure of 102 new tenants per branch is the highest figure ever recorded. The previous high-mark came in August 2020, with 101 tenants registered per branch.
Rental stock remains low in London
For the second month in a row, rental stock was the lowest in the capital. There was an average of just 134 properties managed per branch.
The demand for rental property is so high right now that there is a real chance for landlords to expand their property portfolio in confidence.
At David Harris & Co, we are pleased to say we have helped many local landlords connect with tenants, and if you need assistance in managing rental property, we are here to assist you.
Propertymark’s CEO, Nathan Emerson, said: “It’s clear that as we are coming out of the pandemic, many renters that have been sitting tight are now looking to move, with the number of prospective tenants at an all-time high, and stock increasing in line with this. Buoyed by the certainty of the market at present, we are also seeing a significant number of landlords increasing rents. We have a close eye on the overall sector for the rest of the year as the current strength of the sales market may be off-putting to private rental investors, and any potential impending taxation on property will be a consideration for all landlord types, but overall, it remains promising to see the rent continuing to flow.”
Annual rental growth is slowing slightly, but there is nothing to suggest it will fall in 2021
· Rents across Great Britain rose by 6.2% in July 2021 compared to July 2021
· Rents across Great Britain in June 2021 were 8.5%, so the July figures represent a drop
· Areas in the South, excluding London, recorded the strongest level of annual growth
· In July 2021, five of the 11 regions analysed enjoyed their fastest every annual rent increase since this particular Lettings index began in 2013
· Rental growth increase reached double-digits in four regions
· The level of rental growth increase in June 2021 was six regions, So by this criteria, there was a drop
· In Inner London, the July 2021 rents were 11% down on the July 2020 figures
Andy Halstead, is the chief executive at HomeLet and Let Alliance, and he said; “As a group, we’ve seen exceptional growth, supporting over 5,000 professional letting agents across the UK. With data based on one million tenant references per year, the index provides the market with the most concise view of achieved rents. The data shows the exceptional growth in rental values, particularly in areas that are within commutable distance to London. Throughout the pandemic, the rate of growth in some regions has more than doubled against previous years.”
Andy Halstead continued by saying; “We see positive signs in the capital, rents are now just 1.2% down on pre-pandemic levels from July 2019, with boroughs in central and inner London showing growth in achieved rental values. With restrictions easing, optimism is returning. The demand will steadily grow for the rest of the year. The private rented sector is exceptionally resilient, and demand for property remains high as we see the fast-growing build-to-rent industry meeting some of these needs across the country.”
If you have any questions about the housing market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
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