Average UK rents rose for the fifth consecutive quarter in the fourth quarter of 2021 according to The Deposit Protection Service (The DPS), as pressure on rental property supply during the pandemic continues.
Rents in the UK rose for the fifth consecutive quarter in the fourth quarter of 2021, according to the Deposit Protection Service.
Continued pressure on rental property supply was cited as the cause of the rise, with average rents averaging £834 in the last three months of last year, an increase of £16 (1.96% ) from the prior quarter and a decline of £42. an increase of 5.30% compared to Q3 2020.
The organisation’s Quarterly Rent Index also revealed that rents in the South West, which have traditionally lagged the national average, stabilized for the first time, rising by £19 (2.33 per cent ) in Q4 2021 and £54 (6.92%) from £780. , the largest regional percentage increase in the last 12 months.
Average rents have increased across all property types since Q3 2021, with rents for single-detached properties rising the most; averaging £26 (2.33%) to £1,143, and also up £88 or 8.34% from Q3 2020, the report reveals.
|Property type||Q4 2021||Q3 2021||Q4 2021 vs. Q3 2021 %||Q4 2020 (£)||Q4 2021 vs. Q4 2020 %|
The organization also said fourth quarter 2021 rents also rose across most of England – with London, the South West and Yorkshire seeing the biggest increases in value – contributing to an average annual increase in rents. UK rents by just over 4% for 2021.
DPS chief executive Matt Trevett said: “During the fourth quarter of 2021, rents rose across the vast majority of UK regions and across all property types, with demand for detached properties driving the strongest increase in the rental value of these properties.
“Our figures also show that tenants were less likely to move over the past 12 months, suggesting lower stock availability and therefore possibly more limited moving options. “We are also seeing definite signs of recovery in London, particularly the return to popularity of flats in some areas, suggesting that some tenants are returning to the capital.”