Nearly two thirds of private landlords in the region reported that demand for their properties by tenants increased in Q2 2021
Demand for private rented housing in Cornwall and the South West is the third highest in England according to a new survey for the National Residential Landlords Association (NRLA).
Nearly two thirds of private landlords in the region reported that demand for their properties by tenants increased in Q2 2021, compared with an average of 39 per cent of landlords across the country reporting an increase.
The survey shows that, although 14 per cent of landlords in the South West plan to increase the number of properties they rent out over the next year, the same proportion plan to cut the number of homes they have.
The survey was conducted in partnership with research consultancy BVA/BDRC
The strong demand for rental homes results from the relaxation of pandemic-induced restrictions, a brighter economic outlook and a continued pattern of tenants leaving London as the trend towards home working continues.
Just more than half (53 per cent) of landlords in central London reported a fall in tenant demand with only 15 per cent of landlords saying it had increased.
Nationally, the survey found that landlords reported that the demand for private rented housing has reached a five year high.
The supply crisis in the region can be seen in growing rental prices. According to the Office for National Statistics (ONS) private rents across the South West increased by 2.5 per cent in the 12 months to July this year which was above the inflation figure of 2.1 per cent.
Hannah Darling, South West Regional Representative for the National Residential Landlords Association (NRLA) said: Across the South West the supply of homes is failing to keep up with rapidly-increasing demand.
The articles are for information purposes only and Invest for Property shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.
Invest for Property does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.
There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.
Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.