Rental demand well above

Rental demand well above average

A combination of factors have pushed rental demand well above average for the last 3 years reports Zoopla. Firstly, the re-opening of the economy after pandemic restrictions were lifted from mid 2021 onwards, including a resumption of international travel. This links to the second factor - the strength of the labour market with jobs growth boosting demand for rented homes. Thirdly, higher mortgage rates have made access to home ownership more expensive. This has kept would-be buyers in rented homes and reduced available supply. Finally, record levels of immigration into the UK, particularly high numbers of overseas students, has boosted demand..

While UK rental demand is 11% it remains 32% above the five-year average. Demand in London is down 20% year-on-year but remains above the fiveyear average. The supply-demand imbalance in rented housing is not going to disappear in 2024. However, the market is set to move more into balance than it has been over the last 3 years.

 

Our award-winning rental team look forward to helping you make your landlord experience stress-free.

 

Arins Property Services - selling & letting homes in Wokingham, Lower Earley, Tilehurst, Reading and Winnersh since 2009.

 

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