Rental demand has risen 9.9% in Q3 across the UK’s major cities, according to research estate and lettings agent Barrows and Forrester.
The analysis of 23 major UK cities found that rental demand averaged 42.9% during the third quarter of this year, a 9.9% increase on the previous quarter and 6.8% higher than this time last year.
Cardiff and Glasgow saw the largest quarterly uplift, with rental demand climbing by 22.1% in both cities.
Bristol (21.9%) and Edinburgh (21.5%) also saw tenant demand lift by more than 20% in Q3, with Cambridge completing the top five (19.6%).
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Other cities to make the top 10 included Manchester (14.8%), Newcastle (11.2%), Southampton (10.9%), Plymouth (10.8%) and Birmingham (10.5%).
Newport was the only city to have seen a decline in demand in Q3, down 5.2% on the previous quarter.
Five cities saw demand in Q3 drop below the levels seen this time last year: Belfast (40.9%); Nottingham (3.5%); Portsmouth (3.3%); Liverpool (2.9%); and Plymouth (0.4%).
James Forrester, managing director of Barrows and Forrester, said: “There have been numerous indicators of late that the UK rental market is starting to once again find its feet after one of the most difficult periods in recent times.
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“The demand for city rental homes, in particular, was heavily impacted during the pandemic and as a result, many landlords were forced to stomach a significant decrease in rental income in order to secure a tenant.
“However, this is starting to change and we’re seeing a notable uplift in demand for rental properties across many of the nation’s major cities.
“We expect to see a further boost over the coming months as many tenants look to secure a property ahead of the new year and a fresh start.”
By Jake Carter
Source: Mortgage Introducer
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