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Race For Space means rents soaring on detached houses

Rents for detached homes increased twice as fast as the average for all UK properties during Q3 2021 says the Deposit Protection Service.

DPS claims average rents for detached properties during Q3 2021 rose £38 or 3.52%, with rents on detached London properties rising £93 or 5.27%. By comparison, the organisation said that average UK rent increased by just £14 or 1.74% in the same quarter.

The DPS’ quarterly index also highlights that the number of deposits registered for detached properties fell 17% between Q3 2020 and Q3 2021 and that rents on detached homes grew by £91 or 8.87% during the same period.

DPS managing director Matt Trevett says: “Despite the roll-out of the coronavirus vaccination programme and the lifting of lockdowns, it seems that tenants are still prioritising more living space and are willing to pay for it. They are also staying in detached homes for longer and this, combined with lower availability of these properties, is driving up rents.

“The last quarter’s rent increases across all property types and most regions suggests a strong return of demand from tenants as employees start to go back into offices and students attend University in person this academic year.”

Full article: https://www.lettingagenttoday.co.uk/breaking-news/2021/10/race-for-space-means-rents-soaring-on-detached-houses

Please contact Ashley or June in the office on 01505 613799 / info@kingsleywood.co.uk to discuss your property rental options.