Monday, April 12, 2021
Real EstateUK

Rents at big U.K. city centres drop as tenants shift focus

Rightmove

Inner London was the worst hit, as annual asking rent fell by 12.4% on average

Rightmove PLC said Wednesday that asking rent dropped up to 12% in the last quarter of 2020 in some of the biggest U.K. city centres, as tenants shift focus after the coronavirus pandemic.

Inner London was the worst hit in the three months to Dec. 31, as annual asking rent fell by 12.4% on average, followed closely by Edinburgh city centre at 10% and Manchester city centre at 5.3%.

The coronavirus pandemic has prompted tenants to rethink where they want to live, and many appear to be prioritizing larger gardens, roomier work-from-home solutions and increased living space over convenience, the property portal said. This led to falling rents and a flood of properties coming to the market.

There’s no doubt that higher rents will return once life goes back to some form of normality, but it will be the city centre properties with gardens and balconies that will be able to command the biggest premiums, Rightmove’s Director of Property Data Tim Bannister said.

Out of the 10 biggest city centres in the country, all saw an uptick in the number of inner city tenants enquiring about properties outside of the area. In Inner London, 53% of renters asked about properties outside the city centre in the final quarter, up from 45% a year before, while in Edinburgh, the proportion rose to 37% from 29%, Rightmove said.

These tenants seeking a quieter life and greater space, coupled with some short-let homes changing to longer-term lets, have led to a significant increase in the number of properties available for rent–properties available have more than doubled in Leeds, Inner London and Nottingham alone.

Important:

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.

Leave a Reply

twelve − three =