The rental market continues to boom despite the growing cost of living crisis, with average rents rising at a 13 year high says Zoopla.
Typical rents across the UK are now nearing £1,000 pcm – £62 more than at the start of the pandemic – after an annual rise of 8.3% in 2021.
The portal says that households who agree new lets are now having to pay an additional average annual cost of £744, compared to the start of the pandemic in March 2020.
This increase means that a single earner can now expect to spend 37% of their gross income on rent, which is up from 34% during most of 2021. However, this now brings the figure broadly back in line with the longer-term average of 36% as rental growth rises in line with wage growth.
Even with the current sharp rise, the overall increase in UK rents over the last five years totals 12% thanks to the decline in rents seen in some areas during the pandemic.
Zoopla says the New Year has seen heightened demand for rental properties, up 76% compared to the New Year markets between 2018 and 2021.
Yet the supply of rental properties recorded in January 2022 in the UK is 39% below levels typically observed at the start of the year. This is creating competition in the market, with the imbalance of supply and demand ultimately spurring rental growth.
Full article– https://www.lettingagenttoday.co.uk/breaking-news/2022/2/rents-still-booming–growth-hits-13-year-high-according-to-zoopla
Call Nicola, Ashley and the team for more information on how Kingsley Wood Estate & Letting Agency can assist you in maximising the return from your property- 01505 613799 / info@kingsleywood.co.uk –