MARKET INSIGHT
october 2024: Brick UK Rental Market Update
October 14, 2024 • Author: Brick Management and Lettings
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Rents continue to rise as supply problems persist, average national rents rose 8.4% in the year to August 2024. There are 25% less properties available for rent in 2024 than 2019 (Zoopla). This lack of supply fundamentally underlines the continued growth in English rents, which still remain high by pre-pandemic standards.
CURRENT AVERAGES IN BRICK ADVERTISED AND MANAGED PROPERTIES:
Enquires Per Listing
Occupancy Levels
Regional Rental Variations
MAD ON MANCHESTER
Manchester continues to be an outlier in terms of its rental performance. Private rents rose 12.3% between August 2023-August 2024 (ONS). A growing population, thriving job market and a high proportion of young professionals continue to drive the city’s buoyant rental market that does not appear to have topped out yet.
Average Manchester Rent
BALANCE IN BIRMINGHAM
Birmingham’s rental market has eased off in recent months and we’re now seeing a plateauing in asking rents that we’ve yet to see in Manchester. That said, double digit rental growth continued in the year to August 2024, increasing by 11.4%. Figures for the year increase to March showed an annual increase of 14.1%, suggesting that at current levels, Birmingham rents have hit their affordability ceiling for the time being.
Average Birmingham Rent
LONDON IS LEVITATING
Citywide, London rents increased by 9.6% in the year to August 2024. There are certain boroughs wildly outperforming the capital’s average. The northern borough of Brent has seen a whopping 33.6% annual increase in private rents. Other top performing boroughs including Greenwich at 15%, Islington at 13.9%, Hounslow at 11.6% and Hillingdon at 11.4%.
Average London Rent
The forecast going forward
The rate of rental inflation is slowing. Currently, annual growth across England is 5.4% compared to 10.2% this time last year. This is by no means a cause for concern, but rather a return to normality following the disruption of the pandemic years.
We’re seeing less intense competition for listings, as lowering interest rates mean a proportion of renters are leaving the market to buy their own homes. Currently, on average we’ll receive 20 enquiries for every listing. Coming out of the pandemic this figure leapt to 40 enquiries per property.
A more stable rental market means a greater continuity of tenants for landlords, contributing to a healthier and more balanced UK property market in general. As rents align with cost of living and wage increases, we generally see less rent defaults and more assured returns for landlords.
A leading property-management service for developers and investors with UK buy-to-let portfolios. We are accountable for hundreds of properties across the UK on behalf of our international client base, managing them efficiently and transparently.
Properties Under Management Nationally
Tenants Relet
Days Average to Let a Property from Listing
Occupancy Rate
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A leading property-management service for developers and investors with UK buy-to-let portfolios. We are accountable for hundreds of properties across the UK on behalf of our international client base, managing them efficiently and transparently.
