The past year has been challenging for everyone, but at David Harris & Co, we know landlords feel as though they have been punished from every angle. This is why so many letting industry professionals are on the lookout for positive news, and there is some we would like to share.
Information provided by The Deposit Protection Service suggests:
· In the first quarter of 2021, London rents rose by £8, or 0.61%, to £1,325
· This is the first rise in more than a year
· Rents in the North East of England, traditionally an affordable area, have risen by £37, equivalent to 7.12%, to £557 in the same quarter
We offer local advice and guidance for Finchley landlords
As one of the bullet points indicate, this is the first rise in rent for more than a year in the capital. We know many local landlords have been concerned about rental fees, and whether they could continue to operate in the market.
As we move forward, we believe there will be more positive news for local landlords in Finchley and surrounding areas. No one is going to predict that things will return to how they were before the pandemic, but there is optimism that we can move forward.
While we are focused on London, it is pleasing to know that other parts of the country are also on the rise.
There were also significant increases in the following areas:
· Tyne & Wear endured a rise of £32, or 5.78%, to £586
· Merseyside experienced an increase of £31, or 5.64% to £581
There isn’t good news for everyone
However, there were also areas where rents fell:
· In Bristol, rents fell by £17, or 1.77%, to £943
· In Luton, rents fell by £19, or 2.3%, to £785
There is still fluidity in the rental market across the country, which is why the movement in London of late is more notable than you might initially think.
Matt Trevett, Managing Director at The DPS, said: “The stabilisation of rents in London suggests that the tenants who have decided to leave the city during the pandemic for work or space reasons have already done so, perhaps to live in cheaper areas or to move nearer to, or back in with, family. We're aware of significant commitment from media and government organisations to invest long-term in the North, including a number of transport and infrastructure projects, which could well be driving the demand we're seeing in the region for property. There remains strong demand for all types of properties, and rents overall across the UK seem to be withstanding pandemic conditions.”
London Central Portfolio chief executive Andrew Weir says: “Despite a third UK lockdown, the first quarter of 2021 saw a continued desire to live in prime London. Village-like neighbourhoods with good shopping facilities and outdoor recreation received the most demand. With a roadmap out of lockdown, rental activity increased over the quarter resulting in less available stock than this time prior year, as opportunistic UK-based tenants continued to benefit from discounted rents. Void periods remained higher than pre-Covid levels but the first quarter of 2021 saw the shortest voids since the pandemic. While it is too early to declare the return of normality, perhaps we are beginning to witness the positive effects of a successful vaccine roll out and easing of government restrictions.”
We are widely recognised as one of Finchley's leading and most successful independent Estate Agents and have been established since 1989. We can provide you with a property valuation or whatever property or lettings market support you need, and if you are looking for property in the local area, sign up for our property alert service.
If you have any questions about the housing market, or you need assistance, please contact David Harris & Co today. Call us on 0208 346 9122.
2.png)
