London rents climbed for the primary time for over a yr throughout Q1 2021 —though the rise was a mere £8 or 0.61 on common.
This suggests the capital’s rental market has began to stabilise at final regardless of the coronavirus pandemic, says The Deposit Protection Service.
However, whereas that’s gently bettering information, rents throughout the North East, historically probably the most inexpensive UK area to lease, elevated by £37 or 7.12 per cent the identical quarter.
The DPS’s quarterly index reveals general resilience within the UK’s rental market throughout Q1 2021, with vital will increase in Tyne and Wear up £32 (5.78 per cent) and Merseyside up £31 (5.64 per cent).
Matt Trevett, managing director at The DPS, says: “The stabilisation of rents in London means that the tenants who’ve determined to go away the town throughout the pandemic for work or area causes have already accomplished so, maybe to dwell in cheaper areas or to maneuver nearer to, or again in with, household.
“We’re conscious of great dedication from media and authorities organisations to speculate long-term within the North, together with numerous transport and infrastructure tasks, which may nicely be driving the demand we’re seeing within the area for property.
“There stays robust demand for all sorts of properties, and rents general throughout the UK appear to be withstanding pandemic situations.”
UK common rents elevated by £8 (1.01 per cent) to £800 between This fall 2020 and Q1 2021 and elevated by £25 (3.23 per cent) in contrast with Q1 2020, with rents falling barely in Scotland by £3 (-0.46 per cent) to £649.
|
Region |
Average lease Q1 2021 |
£ Change since This fall 2020 |
% change since Q1 2020 |
|
London |
£1,325 |
£8 |
-1.49% |
|
South East |
£932 |
£9 |
4.13% |
|
South West |
£790 |
£10 |
4.91% |
|
East |
£846 |
£15 |
4.19% |
|
East Midlands |
£612 |
£0 |
4.44% |
|
West Midlands |
£647 |
£0 |
4.35% |
|
Yorkshire |
£549 |
£3 |
1.29% |
|
North West |
£629 |
£13 |
5.89% |
|
North East |
£557 |
£37 |
7.74% |
|
Scotland |
£649 |
-£3 |
1.09% |
|
Wales |
£610 |
£4 |
4.63% |
|
Northern Ireland |
£559 |
£8 |
7.29% |
