In April, the lettings market saw a record-breaking number of enquiries from new prospective tenants, and the demand shows no signs of slowing down now we've reached summer!*
The average rent of a newly let property outside of London is 8% higher than in February last year, which equates to £68 more per month.
This increase in demand for rental properties has been influenced by the pandemic, as potential buyers have either delayed their plans due to their financial stability or concerns.
Furthermore, as the furlough scheme is relatively new, lenders tend to be reluctant to provide mortgages to applicants where their employment status is changing or uncertain, meaning that renting may be a more viable option for those still out of work.
67 per cent of agents said they saw landlords increasing rent over the last 12 months. This figure has doubled since 2019.
At the same time, the number of tenants able to get a rent reduction decreased by 1.7% – the lowest recorded number since January 2020.
The number of landlords selling their buy-to-let properties has decreased year-on-year.
With the market booming, this has remained consistent over the last seven months.
If you're looking for a lettings valuation of your property or need help managing your portfolio, Alexander May are here to help, contact us for more information.
*Propertymark’s latest private rented sector report