Rent surge driven by acute demand
By Richard Wright | 16th November 2021
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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