F&C Lettings March 2022

MARCH 2022

N AT I O N A L L E T T I N G S M A R K E T U P D AT E

KEY STATS E N G L A ND A N D WAL ES

£2,427

£3,235

9.83%

M A R K ET OV ERV IEW ROBUST DEMAND CONTINUES The rental market remains buoyant. Demand for property to let continues, with value growth remaining firm across all regions of England and Wales.

DEMAND OUTPACES SUPPLY

TWO YEARS ON

Rental demand continues to significantly outpace the availability of property to let across the market. A net balance of +64% of respondents to the latest RICS survey (January) indicated demand was rising, the strongest result since 1999. Pressure on price remains; the average rental value of a property in England and Wales was up 11.6% yearon-year. At £3,235, the average rent of a premium property per month is up 9.8% year-on-year. The most significant year-on-year increases in average values are evident across the North and the Midlands. The threshold for a prime property rent is now £1,200 or more in all regions of England and Wales, and £3,140 in the capital.

Nearly two years on from the market closure, rental values across all areas of England and Wales are back to pre-pandemic levels. Although prices are rising, research indicates that 76% of landlords would maintain a rent level if they were happy with the existing renter. For renters, a sense of community in the local area would encourage nearly two-thirds to stay in their property for longer. The availability of parking and pet-friendly properties continue to top the list of features renters would be willing to pay a premium for. With the shift to hybrid working, excellent sound proofing and quality broadband also rank highly (Dataloft, Property Academy, 2021).

2 I PREMIUM RENTAL MARKETS I NATIONAL

REGIONAL P R E M I U M R EN T AL M A R K E T S : TOP 5 %

£1,289 £1,800 +17.6% £15

£1,350 £1,733 +12.1% £17

£1,200 £1,461 +6.8% £14

£1,300 £1,618 +10.3% £14

£1,250 £1,593 +16.6% £14

£1,200 £1,383 +3.4% £14

£1,700 £2,200 +3.1% £20

£1,750 £2,202 +11.4% £18

£2,100 £3,004 +11.1% £22

£3,140 £4,213 +6.6% £38

Source: Dataloft Rental Market Analytics

PREMIUM RENTAL MARKETS I NATIONAL I 3

12% 10% 8% 6% 4% 2% 0% -2% MAR 2021

APR 2021

MAY 2021

JUN 2021

JUL 2021

AUG 2021

SEP 2021

OCT 2021

NOV 2021

DEC 2021

JAN 2022

FEB 2022

Source: Dataloft Rental Market Analytics

£1,034 £2,427 £3,235

£1,061 £2,400 £3,095

£998 £2,500 £3,379

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Reproduction of all or par t of the repor t in any form is prohibited without written permission from Dataloft Ltd. Repor t edited by Inform user and published on 01-03-2022.