Rental prices have increased throughout the UK in the last twelve months, thanks to high demand and a shortage of available rental properties. Statistics show that the average rental cost for a property outside of London is now 8% higher than in February 2020, which works out at around £70 per month – a significant increase for renters.
During the COVID-19 pandemic, approximately 300,000 fewer rental properties came onto the market than the expected level, which is around a third less than the previous year. This shortage allowed existing landlords to raise their prices and achieve higher rental income. With far fewer rental properties on the market, renters had no option but to pay these increased prices.
The lower number of rental properties on the market has also meant landlords have experienced fewer periods without tenants in their properties.
It’s likely that rental prices will continue to rise over the next five years, with rent thought to go up by 1% and 3% per annum until 2025, according to RICS. Whilst rental prices will still increase, it is widely predicted that more properties will come onto the rental market. This growth in available rental properties will help with the demand for rental homes and help ensure that increases aren’t as steep as they have been in the last 18 months.
Growing demand for rental properties also places upward pressure on house prices for those looking to buy rather than rent. The UK Land Registry showed that the average price of a home in the UK had risen by 10% year-on-year in May 2021 to reach a UK average of £254,624.
If you’re looking for a property to rent, Northwood Warminster is here to help you. We are a professional team with years of knowledge and experience. We are dedicated to offering the highest level of customer service possible to every client. We have a wide range of properties available for rent, from stylish apartments to large homes with gardens. There’s something to suit everyone and every budget.
We’d be delighted to work with you to help you find the perfect rental property for your needs in Warminster, Westbury, Frome, Trowbridge, Bradford on Avon, Melksham, Devizes, Chippenham, Calne or any of the surrounding areas. Give our team a call on 01985 881 434 or email warminster@northwooduk.com. A member of our team will get in touch with you as soon as possible. Alternatively, you can pop into our offices on Market Place. Our opening hours are Monday to Friday, 9 am to 5 pm and Saturday, 9:30 am to 12 noon. We look forward to meeting you and helping you on your property journey!
