Shortage of Supply & Growing Demand
- Rental values are significantly higher across all regions of the UK, except London, than they were a year ago. Excluding the capital, the average monthly rent is £853, up 6.2%.
- A shortage of supply and growing demand is helping support rental values. New instructions were 9% lower in the first three months of 2021 compared to 2020 (TwentyCi).
- Although London has seen an uptick in rents agreed in 2021, oversupply in the market has seen values fall by 5.7% year-on-year.
- Across the UK as a whole, annual growth is currently 2.9%. This is on par with projections for growth over the next year (RICS). Source: Dataloft, HomeLet, April 2020