Friday, August 19, 2022

Rental housing demand in Cornwall third highest in England


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.


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