Record Breaking Figures In London Rental Market
We know landlords need assistance in managing their rental property, satisfying tenants, and making the most of the rental market opportunities. There is a huge level of demand for rental accommodation across London, and surrounding areas, these days, and we are here to assist you.
If you would like any guidance when it comes to the Enfield letting market, please contact us, and we will be more than happy to assist you.
A record-breaking month
According to the latest figures from ARLA Propertymark, the average number of new prospective tenants registered per branch rose to 102 in July 2021. This is a significant rise from the 88 new tenants per branch recorded in June 2021.
The figure of 102 new tenants per branch is the highest figure ever recorded. The previous high-mark came in August 2020, with 101 tenants registered per branch.
Rental stock remains low in London
For the second month in a row, rental stock was the lowest in the capital. This is found in the average of just 134 properties managed per branch. There is significant demand for rental property right now, and this offers landlords an opportunity to expand their rental property portfolio.
At The Letting Line, we take great delight in connecting landlords with tenants. If you need any assistance or guidance in this matter, please get in touch.
Propertymark’s CEO, Nathan Emerson, said: “It’s clear that as we are coming out of the pandemic, many renters that have been sitting tight are now looking to move, with the number of prospective tenants at an all-time high, and stock increasing in line with this. Buoyed by the certainty of the market at present, we are also seeing a significant number of landlords increasing rents. We have a close eye on the overall sector for the rest of the year as the current strength of the sales market may be off-putting to private rental investors, and any potential impending taxation on property will be a consideration for all landlord types, but overall, it remains promising to see the rent continuing to flow.”
Annual rental growth is slowing slightly, but there is nothing to suggest it will fall in 2021
Rents across Great Britain rose by 6.2% in July 2021 compared to July 2021
Rents across Great Britain in June 2021 were 8.5%, so the July figures represent a drop
Areas in the South, excluding London, recorded the strongest level of annual growth
In July 2021, five of the 11 regions analysed enjoyed their fastest every annual rent increase since this particular Lettings index began in 2013
Rental growth increase reached double-digits in four regions
The level of rental growth increase in June 2021 was six regions, So by this criteria, there was a drop
In Inner London, the July 2021 rents were 11% down on the July 2020 figures
Andy Halstead, is the chief executive at HomeLet and Let Alliance, and he said; “As a group, we’ve seen exceptional growth, supporting over 5,000 professional letting agents across the UK. With data based on one million tenant references per year, the index provides the market with the most concise view of achieved rents. The data shows the exceptional growth in rental values, particularly in areas that are within commutable distance to London. Throughout the pandemic, the rate of growth in some regions has more than doubled against previous years.”
Andy Halstead continued by saying; “We see positive signs in the capital, rents are now just 1.2% down on pre-pandemic levels from July 2019, with boroughs in central and inner London showing growth in achieved rental values. With restrictions easing, optimism is returning. The demand will steadily grow for the rest of the year. The private rented sector is exceptionally resilient, and demand for property remains high as we see the fast-growing build-to-rent industry meeting some of these needs across the country.”
If you are looking for guidance or assistance in the Enfield rental market, we can help. At The Letting Line, we are a specialist letting and property management agent serving Enfield, Barnet, Potters Bar, Brookmans Park and surrounding areas.
We can arrange a free valuation for you, and if you are looking to contact us, please call us on 020 8342 1234.