A week hasn’t gone by recently without mentions of a property boom, but what does this mean for the millions of people in the UK’s rental market?
The quarterly Zoopla rental market report was published recently and showcased some exciting findings for lettings. Rental demand bounced back during lockdown, due to the flexibility and relative speed that households could move into empty accommodation.
Although the demand has stabilised, it is still running 33% higher than pre-lockdown and 25% above 2019 levels. A lot like buyers, many renters reassessed their living situation during lockdown, which promoted a further boost in the market.
What does this mean for renters?
If you’re craving the extra space of a home office or looking for a property with outdoor space, it won’t take you long to get in there. In Sheffield, you will be looking at a swift 23 days to rent, which means you could move faster than ever before. But, with demand outstripping supply, you will need to be quick to get first dibs on properties listed.
Despite demand outrunning supply, there is a new supply of rental properties available. Many renters may have relocated to live with family or friends to save on costs during lockdown – meaning more properties are vacant and are beginning to return to the market. We expect this will lead to supply edging up to meet demand in the coming months.
What does this mean for the property owners?
As well as plenty of people looking for a property, prices are 2.2% up from last year in Sheffield (above the national average of +1.1%). With low-interest rates, there has never been a better time to get into the buy-to-let-market.
The rental market is expected to grow outside of London as many relocate outside the hustle and bustle of the capital, and favour splitting their time between working remotely and in the office.