The UK rental market has been through one hell of a roller coaster since the pandemic hit… and it’s not showing signs of stopping any time soon.
In February every region in the UK saw room rents increase, with London seeing the biggest increases since before the pandemic began.
Although rents are up, supply is down 32% across the UK, comparing February 2022 with 2021. London supply is down a whopping 53%, the biggest drop across all UK regions. This means competition for rental properties will be as fierce as ever.
Across the UK as a whole, rents were up 4%, with none of the UK’s 50 largest towns and cities seeing rents drop. The cities with the biggest increases were Sunderland, up 23%, followed by Belfast and Glasgow which were both up 17%.
All London regions saw rents rising, with the most central areas seeing the biggest change. West Central and East Central London were both up a huge 26% in February 2021.
These rent increases are happening at a time when inflation is set to increase dramatically, with the UK facing the biggest financial squeeze in 60 years. People will be feeling the pinch now more than ever, which is not only reflected in higher rents, but in the cost of living. Some renters may be forced to make financial sacrifices in order to afford other necessities, such as electricity bills and food, or even be priced out of their current homes.