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Rental demand in cities up 9.9% in Q3

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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Rental Demand Increases While Landlords Opt To Sell

Landlords appear to be dealing with the Coronavirus Crisis in their stride. Well over half have told the latest National Residential Landlord’s Association survey that the Coronavirus has not so far had any significant impact on their business.

Surprisingly, only a fifth of landlords said the virus had had a ‘significant’ impact in the last three months. Meanwhile, a third reported an increase over the previous three months in the demand for private rented housing.

Even so, almost half of landlords said the virus had had at least some negative impact and most said they had less confidence about the future.

Of the 2,000 landlords questioned, over half – 56 per cent – said they were less, or much less, confident of being able to achieve their goals over the next year. Consequently, while one in six of those surveyed said they planned to purchase at least one or more additional properties over the next year, twice as many said they intend to sell one or more properties.

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Previous NRLA analysis suggested total private sector rent arrears resulting from the Coronavirus Crisis could now be as high as £437m in England, and the association said it is now time for the Government to help sustain the rented property market by providing financial support to help tenants pay off COVID-related rent arrears.

‘Following similar schemes developed in Spain, Wales and Scotland, the NRLA is calling for tenants in England to be able to access hardship loans to cover such arrears’, it said. ‘This would see loans available interest-free and guaranteed by the Government specifically to cover unpaid rents since lockdown measures began in March. Payments would be made directly to the landlord’.

NRLA chief executive Ben Beadle said that whilst the majority of landlords have been working constructively with tenants who have struggled financially due to the pandemic, it is not sustainable to allow rent arrears to continue to increase indefinitely.

‘This is highlighted in the lower levels of confidence among landlords and the impact it is having on their businesses’, he said. ‘Providing the financial support needed to help tenants pay off rent arrears built since lockdown started would cost the Government less than Eat Out to Help Out. As we head into more local lockdowns, it is even more important that tenants don’t have to worry about meeting their rent bill’.

Source: Residential Landlord

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