Keep up to date with the latest trends in the BTL market by having a read of the latest Rent Index report from The Deposit Protection Service (The DPS). Like Zephyr, The DPS is owned by Computershare, and with over 1.8m tenancy deposits, The DPS Rent Index reports can provide useful insight to brokers and their landlord clients.
The key headline from the Q4 2021 Rent Index report is that average UK rents increased for the fifth consecutive quarter, as pressure on the supply of rental properties during the pandemic continues. Average rents reached £834 during the final three months of 2021, an increase of £16 (1.96%) on the previous quarter and a £42 or 5.30% increase on Q3 2020.
You can see regional trends in the graphic below. Click on it to check out what’s been happening in each region.
We spoke to Paul Fryers, Managing Director of Zephyr, who said: ”There is currently significant pressure on rental stock across the country.
“Reasons are complex, but they include landlords selling up to capitalise on high sale prices, plus a shortage of new build homes as a result of supply chain and raw materials issues.
“We’re hearing stories of landlords receiving unprecedented levels of interest, with some renters willing to pay rents upfront and even stories of some tenants willing to pay over the odds to secure properties.”