Rental market update: when will the pressure on renters start to ease? 🤷♀️
#CAVENDISHEXPERTS in Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
With rents up £2,200-a-year on average since the start of the pandemic, and supply 33% down on the five-year average, Zoopla provides an insight into what's happening in the rental market
Key takeaways:
🔰 The cost of renting is rising, and securing a home to rent is the hardest it’s been in the last 5 years
🔰 Average rents up 11% in the last year, almost twice the growth in average earnings
🔰 And a total of 20% higher since the start of the pandemic, that's a whopping £2,200 extra rent on average per year
🔰 Demand has risen alongside jobs growth and record net immigration
🔰 Each year, on average there are 350,000+ renters becoming First-time buyers. But higher mortgage rates have prevented many from buying since the 'mini-budget' last September
🔰 Little evidence that supply will grow quickly with the number of rental homes increasing by just 1% since 2016
🔰 In time, affordability pressures will slow rental growth - it’s not possible for rents to grow much faster than earnings for a sustained period
Only by increasing the supply of rented homes will renters really feel the pressure ease
Whilst the Government’s focus on improving standards is important, so is encouraging all types of Landlords to continue to invest. Full article from Zoopla right here.
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