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Residential rents are rising

ONS reported a 1.4% annual increase in private rents in November and according to agents, tenant demand was more or less unchanged.

All regions saw an increase in private rents. The South West saw the biggest annual increase, 2.3%. Scotland had the smallest annual increase, 0.6%.

Near term rental growth expectations remain slightly positive, with most parts of the UK expecting an increase. Whilst London is clearly different from the rest of the UK, we expect North London rental demand to remain strong as tenants are moving farther out from more urban areas in search of more space.

According to Dataloft Rental Market Analytics, 28% of leases are set to expire in Q1 2021, a busy month for agents. Source: Dataloft, ONS, RICS.