SHORTAGE OF SUPPLY IN THE RENTAL SECTOR

Rental values are significantly higher across all regions of the UK, except London, than they were a year ago. Excluding the capital, the average monthly rent is £853, up 6.2%.

A shortage of supply and growing demand is helping support rental values. New instructions were 9% lower in the first three months of 2021 compared to 2020 (TwentyCi).

Although London has seen an uptick in rents agreed in 2021, oversupply in the market has seen values fall by 5.7% year-on-year.

Across the UK as a whole, annual growth is currently 2.9%. This is on par with projections for growth over the next year (RICS). Source: Dataloft, HomeLet, April 2020.

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