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Gloucestershire Business News

Rent surge driven by acute demand

Average UK rents are now up by 4.6% on last year, after a surge of 3% over the last quarter, new data shows.

The rise is being driven by acute rental demand pushing rental growth to its highest level since 2008, according to a report by property website Zoopla.

Rents are up most in the South West (9%) year on year, followed by Wales (7.7%).

Demand continues to outstrip supply, which is running at 43% below the five-year average - exerting an upward pressure on rents.

The lack of rental properties and the strength of the employment market is predicted to support rental growth of 4.5% by the end of 2022.

The imbalance has been fuelled by both long-term issues such as landlords selling up following the 3% stamp duty levy introduced in 2016, and the immediate post-lockdown demand.

UK monthly rents now account for 37% of an average income for a single tenant occupant.

In Gloucester, CGT Lettings  is holding an educational landlord conference  at Bowden Hall, Upton St Leonards on Tuesday November 23 from 5pm.

Tickets cost £9.99. Register for a place here https://www.eventbrite.co.uk/e/landlords-evening-conference-tickets-188402696537 

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