UK Rental GROWTH AT PLUS 11%
Read below for a lettings market update May 2022.
Rental growth has continued to gain momentum as high levels of rental demand put upwards pressure on rents. The average monthly rent climbed to £995 from £897 a year ago, taking the annual rate of growth to +11% according to Zoopla index, which is based on new lets agreed. Zoopla data shows that, on average, tenants are staying put in their current properties for longer, which may be partly due to not wanting to move into a new rental property where a larger rent increase will be applied.
Zoopla expect rents to continue to rise this year, but at a more modest pace, with UK rental growth excluding London at 4.5% by the end of the year.
Rental properties in our area are going under application very quickly with multiple applications per property giving Landlords more choice. Demand for rental property is still extremely high. If you are interested in becoming a buy to let landlord we have lots of options available for you to choose from as well as lots more services such as a Zero Deposit Scheme, a tenant reporting system (Fiflo) a payment system (Payprop) and a professional inventory service (Verismart). Get in touch by giving our Lettings Department a call on 01257 451 673 to arrange a lettings appraisal on your property or to find out more information on the service we offer.
Read the full Zoopla report here:
https://advantage.zpg.co.uk/wp-content/uploads/2022/05/UK-rental-market-Q1Final-2.pdf
We look forward to speaking with you.