Rental market update from Aimee Bruce, Head of Lettings
Northfields Lettings Update –
I’m delighted that as restrictions ease, the lettings market is looking to be even busier for the remainder of 2021.
- National asking rents outside London have reached a record level, and are now over £1,000 per calendar month for the first time.
- Asking rents are 2.6% higher now than in Quarter 1 this year and 6.2% higher than the same time last year, the biggest quarterly and annual jumps ever recorded by property portal, Rightmove.
- London is the only region with rents slightly lower than this time last year, though rents in the capital have increased this quarter for the first time since before the pandemic.
- Asking rents in city centres around Britain are starting to recover as more renters plan a move back to the city, with eight out of ten of some of the biggest city centres seeing higher rents than in June 2020.
- Finding a tenant is quicker than ever before, the industry average is currently 21 days. This fast-paced market has led to an annual drop of 36% in the number of available rental properties.
This renewed activity has meant that we are finding amazing tenants quicker than ever and have recently placed some wonderful tenants, from both the UK and overseas, into our growing property portfolio.
As such, we need the new rental stock to offer and so if you would like to find out how we can help you, please do give me a call on 020 8567 6660.
Meet our lettings team
Alessio Varricchio - Lettings Manager
Charmaine Grant - Lettings Manager
Abigail Lomo-Dash - Property Manager
Indiana Jhuti - Lettings Negotiator
Matthew Gurkin - Lettings Negotiator
Rachel Ryba - Trainee Lettings Negotiator
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