Rental prices in the UK have increased by 10.6% since 2015, according to research carried out by LandlordBuyers.com.
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Private rental prices in the UK rose by 1.2% over the past 12 months.
By region, private rental prices rose by 1.1% in England, 1.5% in Wales and 1.2% in Scotland over the past year.
London was the only region where private rental prices fell over the year (-0.1%).
This figure raises questions about the sustainability of rental prices.
LandlordBuyers.com Managing Director Jason Harris-Cohen said:
“Rental prices always rise when there are more tenants than properties available. Our experience is that the UK rental market continues to see strong demand.”
“Despite the pandemic, moving activity in the UK rental market remains strong, with demand for rentals at very high levels due to the pandemic as people move to reassess their lifestyles and ways of working. Statistics suggest that even if normal life resumes, rents will continue to rise at the same pace in the private rental sector, albeit gradually. We expect it to remain at a low level.”
“Rents are a bit too high at the moment, but this is simply a by-product of the UK’s supply and demand situation. A survey by Propertymark revealed that 68% of estate agents said their landlord had increased rent in June 2021, compared to 60% in March 2021. Furthermore, if you look at year-on-year statistics, this number has more than doubled since April 2019. However, rents may start to fall,” Harris-Cohen said.
