The information provided by the Office for National Statistics for the UK, for January 2020, show private rents increased by 1.5%. This is the for the 12 months of 2019. This represents a marginal increase on the 1.4% annual figure which was announced in December 2019.
Rental prices are on the rise
In England, private rental prices increased by 1.5%. This is stronger than the 1.3% increase experienced in Wales and the 0.6% increase in Scotland for the 12 months to January 2020. Anyone looking at the longer-term, from January 2015 to December 2019, witnessed private rental prices increasing by 8.6% in the UK.
Hedi Zidan, is the CEO of Nestify, a proptech lettings agent, and he said: “The figures demonstrate that the UK rental market is resilient and that demand remains strong. Landlords are increasingly meeting tenants who are seeking a range of different accommodation solutions, durations and tenancy options. This means that in order to maximise the current UK housing stock, it's vital landlords have access to a range of short, medium and long-term rental options.”
There is no denying the rental market remains hugely important for the country. While it is pleasing to see so much support for first-time buyers, it would be of benefit to see tenants and landlords being supported in the same manner. The March Budget is a concern for some landlords at the moment, because they are not sure what changes to their profession will be introduced.
Hedi Zidan continued by saying; “These figures demonstrate how integral professional landlords are to UK housing and it is our belief that they should be suppo
rted to provide the range of tenancies that the UK rental population so clearly crave.”
There will always be demand for rental property
We know there is considerable demand for rental property in South West London, and this isn’t going to change. No matter what new measures are introduced in the March Budget, there will still be a lot of people who are unable to afford to buy property. There will also be many people who don’t want to own their house. Therefore, there is a need for the rental market to be supported, and at Holmes Estate Agents, we are here to support landlords and tenants.
If you are a landlord looking to let property in South West London, please get in touch. We can arrange a property valuation, which provides you with confidence in entering the market. We can also help you connect with tenants who are looking for the property you have to offer.
It is good there is cause for optimism in the rental market, but if you want to make an informed decision, contact Holmes Estate Agents today.