Rents hit record high as demand for two-bed houses increases
- Credit: Getty Images/iStockphoto
Rents have rocketed outside the capital, thanks to record demand from tenants.
According to Rightmove, asking rents outside London now stand at an all-time high of £964 per month, while in the East of England – which includes Hertfordshire – the average is £1,188 pcm, an annual increase of 2.3 per cent.
The property portal said London is the only UK region where rents are falling, down 6.8 per cent in Inner London, while Outer London is up by 0.8 per cent.
There has also been a shift in demand, with two-bed houses replacing studio flats as the most sought-after property type. Availability of this type of house has dipped by 46 per cent outside London year-on-year as post-lockdown renters seek space to work from home.
Total rental stock is up by 20 per cent on a year ago UK-wide, though available stock has increased by just 2 per cent, meaning stiff competition.
Rightmove’s Miles Shipside said: “I’ve heard from some agents that they’re now advising their landlords to turn part of the living room into a work from home space, or offering to install high-speed broadband for tenants as an added incentive.
“The rise in demand for properties that have more space and that typically have higher rents is helping push up average rents to new record highs.”
- 1 Suspected loan sharks arrested in Hemel Hempstead
- 2 Meet the artist behind The Queen's Platinum Jubilee mural in St Albans
- 3 Building company resurfaces bridleway to provide safe route for riders and walkers
- 4 St Albans shop showcasing small independents by renting out shelves
- 5 See inside this loft style apartment in a former hat factory
- 6 Train timetable shakeup due in St Albans and Watford from May 15
- 7 Foodies queue to try street food sourced, cooked and served in Herts
- 8 MoonWalk success for the St Albans cancer survivor and her Belgian Buns
- 9 Company of Ten's A Bunch of Amateurs production 'milks the comedy for all its worth' at the Abbey Theatre
- 10 Woman found in canal near M25 in Hertfordshire
In related news, Watford has come fifth in a countdown of the 10 worst cities for buy-to-let landlords to invest in. CIA Landlord compared average house prices and rental costs UK-wide to rank the best and worst cities and house types to invest in, with Salford coming out on top.