The UK rental market has once again demonstrated its resilience and dynamic nature.
Recent figures state that the average advertised rent for newly listed properties in the UK last month was ยฃ1,787 per calendar month (pcm).
The average for the UK excluding Greater London is ยฃ1,211 pcm (and Greater London on its own is ยฃ2,989 pcm).
In our region of the North West, the average rent currently stands at ยฃ1,067 pcm.
Rents in the North West have grown tremendously.
- Rents in the North West one year ago (Oct 22) were ยฃ953 pcm, a growth of 11.97%
- Rents in the North West three years ago (Oct 20) were ยฃ937 pcm, a growth of 35.02%
- Rents in the North West five years ago (Oct 18) were ยฃ723 pcm, a growth of 47.53%
- Rents in the North West seven years ago were (Oct 16) ยฃ816 pcm, a growth of 30.72%
๐๐ผ๐ผ๐ธ๐ถ๐ป๐ด๐๐ฝ๐ฒ๐ฐ๐ถ๐ณ๐ถ๐ฐ๐ฎ๐น๐น๐๐ฎ๐๐ช๐ฎ๐ฟ๐ฟ๐ถ๐ป๐ด๐๐ผ๐ป (๐ช๐๐ญ๐๐ผ๐ช๐๐ฑ), ๐๐ต๐ฒ๐ฎ๐๐ฒ๐ฟ๐ฎ๐ด๐ฒ๐ฟ๐ฒ๐ป๐๐ถ๐ป๐ค๐ฏ๐ฎ๐ฌ๐ฎ๐ญ๐๐ฎ๐ ยฃ๐ณ๐ฑ๐ฌ๐ฝ๐ฐ๐บ, ๐ณ๐ผ๐ฟ๐ค๐ฏ๐ฎ๐ฌ๐ฎ๐ฎ, ๐ถ๐๐๐ฎ๐ ยฃ๐ด๐ฒ๐ฐ๐ฝ๐ฐ๐บ๐ฎ๐ป๐ฑ๐ณ๐ผ๐ฟ๐ค๐ฏ๐ฎ๐ฌ๐ฎ๐ฏ, ๐ถ๐๐ต๐ฎ๐๐ฏ๐ฒ๐ฒ๐ป ยฃ๐ต๐ณ๐ฐ๐ฝ๐ฐ๐บ.
(Quarter 3 for Warrington was used to calculate the average as the sample size is much smaller than regional or national stats).
A persistent disparity between supply and demand strongly influences this rise in rents.
Demand from prospective tenants is intensifying, but there aren’t enough UK rental properties to accommodate them. That is also true for Warrington tenants.
As a snapshot, one of the major property portals stated the average rental property in the country now receives approximately 25 enquiries from potential tenants. This is a striking contrast from the average of eight enquiries recorded in the pre-pandemic era.
Furthermore, the number of tenants looking to move within Britain has surged by just over 40% since 2019. On the other side of the coinโฆ
๐ง๐ต๐ฒ๐ฎ๐๐ฒ๐ฟ๐ฎ๐ด๐ฒ๐ป๐๐บ๐ฏ๐ฒ๐ฟ๐ผ๐ณ๐จ๐๐ฟ๐ฒ๐ป๐๐ฎ๐น๐ฝ๐ฟ๐ผ๐ฝ๐ฒ๐ฟ๐๐ถ๐ฒ๐๐ฐ๐ผ๐บ๐ถ๐ป๐ด๐ผ๐ป๐๐ต๐ฒ๐บ๐ฎ๐ฟ๐ธ๐ฒ๐๐ถ๐ป๐๐ต๐ฒ๐ณ๐ถ๐๐ฒ๐๐ฒ๐ฎ๐ฟ๐๐ฏ๐ฒ๐ณ๐ผ๐ฟ๐ฒ๐๐ต๐ฒ๐ฝ๐ฎ๐ป๐ฑ๐ฒ๐บ๐ถ๐ฐ๐๐ฎ๐๐ญ๐ญ๐ณ,๐ฑ๐ญ๐ฌ๐ฝ๐ฒ๐ฟ๐บ๐ผ๐ป๐๐ต. ๐๐ป๐๐ต๐ฒ๐น๐ฎ๐๐๐๐๐ผ๐๐ฒ๐ฎ๐ฟ๐, ๐ถ๐๐ต๐ฎ๐๐ฏ๐ฒ๐ฒ๐ป๐ต๐ต,๐ณ๐ฐ๐ณ๐ฝ๐ฟ๐ผ๐ฝ๐ฒ๐ฟ๐๐ถ๐ฒ๐๐ฝ๐ฒ๐ฟ๐บ๐ผ๐ป๐๐ต, ๐ฎ๐ฑ๐ฟ๐ผ๐ฝ๐ผ๐ณ๐ญ๐ฑ%.
Talking to agents in Warrington, they are witnessing large numbers of eager tenants attending viewings as soon as a property is listed. Such data is echoed by estate and letting agents I know nationwide, many of whom highlight the wide gap between soaring demand and the limited supply of rental stock.
Encouragingly, even though the overall average of properties coming onto the market for rent for the last two years is 15% down (as mentioned above), that statistic does mask the fact that 2023 is very different to 2022โs available rental properties. The number of new properties being introduced to the rental market in the last ten months (Jan to mid-Oct 2023) is 6.9% higher year-on-year than the same time from the year before (i.e., Jan to mid Oct 2022).
While the continual surge in rental prices and the mismatch between available properties and tenants may make the market challenging for many to navigate, signals suggest an easing of this pressure.
๐ช๐ถ๐๐ต๐ป๐ฒ๐๐ฟ๐ฒ๐ป๐๐ฎ๐น๐น๐ถ๐๐๐ถ๐ป๐ด๐๐ฎ๐๐ต๐ถ๐ด๐ต๐ฒ๐ฟ๐น๐ฒ๐๐ฒ๐น๐, ๐ฎ๐๐๐๐๐ฎ๐ถ๐ป๐ฒ๐ฑ๐ฏ๐ฎ๐น๐ฎ๐ป๐ฐ๐ฒ๐ฏ๐ฒ๐๐๐ฒ๐ฒ๐ป๐๐๐ฝ๐ฝ๐น๐๐ฎ๐ป๐ฑ๐ฑ๐ฒ๐บ๐ฎ๐ป๐ฑ๐บ๐ฎ๐๐ฑ๐ฒ๐ฐ๐ฒ๐น๐ฒ๐ฟ๐ฎ๐๐ฒ๐๐ต๐ฒ๐ฎ๐ป๐ป๐๐ฎ๐น๐ด๐ฟ๐ผ๐๐๐ต๐ผ๐ณ๐ช๐ฎ๐ฟ๐ฟ๐ถ๐ป๐ด๐๐ผ๐ป๐ฟ๐ฒ๐ป๐๐ฎ๐น๐ฝ๐ฟ๐ถ๐ฐ๐ฒ๐.
For Warrington tenants in this tight market, being proactive is crucial. Speed is of the essence when arranging viewings, especially amidst other commitments. Immediate property alerts on the portals and also cultivating strong face-to-face relationships with local letting agents can offer a competitive edge. Tenants must be clear about their property requirements; from budget constraints and intended stay duration. Flexibility, especially concerning the move-in date, can make an application stand out. Finally, having oneโs finances and documentation ready can expedite the tenancy application process.
The evolving rental landscape is also prompting many to reconsider traditional preferences. Expanding search horizons beyond typical hotspots in Warrington might increase the probability of securing a property and introduce tenants to more cost-effective options.
For Warrington landlords, these national figures and regional and town-specific statistics provide a comprehensive overview. The underlying message is clear: despite the increase in rental properties, the rents continue to rise, painting a promising picture for landlords who continue to provide much needed homes for Warrington tenants.
As Warrington’s trusted property consultant, we remain committed to keeping you informed and guiding you through these dynamic market shifts.
