Research shows rents are down in London as many tenants leave the capital for a new life in the suburbs. Private rents outside London are rising at their fastest rate for 13 years, research suggests, as tenants making plans for life post-pandemic compete for properties.
Average rents across the UK outside the capital rose by 5% over the 12 months to the end of July. However, locations popular with tenants quitting London and other big cities after reevaluating their lifestyle have seen rents jump by a lot more – up to 25%. Rents in Wigan, Greater Manchester, and Mansfield, Nottinghamshire, have risen by upwards of 10% in a year, while in Hastings, East Sussex, and Norwich rents are up by more than 9%. Average rents for the UK, excluding London, are running at £790 a month, up from £752 a year earlier, meaning renters are paying an average of £456 more a year.
A combination of soaring demand and a shrinking supply of available properties is one of the main factors putting upwards pressure on rents. In the wake of booming house prices, some landlords have sold up, while others who previously let their properties to traditional tenants have turned them into holiday lets. Summer and early autumn is also a typically busy period for the rental market, as students start university, graduates start new jobs and families relocate for schools.