With demand outstripping supply, rents for UK properties outside of London have increased at a record pace, according to a report from estate agents Hamptons
Buy Association reports that excluding London, the average rent of a newly leased property grew by 8 per cent, or £68 from 2020, a record increase for the index, which started in 2012, a report from Hamptons said.
The average monthly rent on a property outside of the capital is now at £913.
“This year we’ve seen a sharp decline in the number of rental homes coming onto the market,” Aneisha Beveridge, head of research at Hamptons, said in the report.
“Would-be tenants are now faced with significantly less choice, which in turn is pushing up rents. And with many landlords having multiple offers on the table, half of investors have been able to increase the rent they charge.”
However, in the centre of London, by contrast, rental growth is nonexistent.
Rents dropped 17.7 per cent last month, pulling down average monthly costs to £2,185, almost £500 less than the average at the same time in 2020.
Across the suburbs of outer London, however, rents rose 5.3 per cent to an average of £1,678, according to the report.
The divergence of the two parts of the city demonstrates the increasing demand for more square footage and access to green space, and distance from densely populated urban centres.
It has been predicted that there will be an increase in rental stock nationwide, as well as a push to beat the new stamp duty holiday deadline at the end of June, and property investment by landlords have already started to rise, according to Ms Beveridge.
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