Since living through a pandemic and multiple lockdowns, we have seen huge shifts in priorities and behaviours as a country within both the sales and lettings markets.
The main trend through the pandemic was that thousands of tenants were leaving cities to head to more rural locations to be closer to friends, family and with more outside space available. But, as the country readjusts with offices and social lives coming back to life, tenants are beginning to return back to city living resulting in double-digit growth in rent for some city centres across Great Britain.
Rightmove have recently revealed that some city centres have not only bounced back from the decreases recorded during the first year of the pandemic, but they are now outpacing the national averages too.
Across the UK, rents are rising at the quickest rate ever recorded, with an increase of 8.6% annually outside of London. The capital is also finally showing clear signs of recovery with rents up 2.7% on last year.
What does it look like for some city centres?
Birmingham city centre has shown a great come back. Rents fell by 5% between February 2020 and February 2021, but by September 2021, the demand has seen growth of 10% higher than pre-pandemic levels.
Nottingham have experienced a similar result, where rents fell 2% but are now 11% higher than they were before the pandemic.
The UK’s total rental demand is up by a staggering 39% when compared with the same period in 2019. This influx has led to properties being taken off the market at the quickest rate recorded at only 17 days.
Available stock shortages are mostly apparent in suburban and rural areas leading to a shift in available properties on the market. Of all rental homes available, 64% of them are now in urban areas, which again is another jump of 48% on pre-pandemic levels.
Three and four-bedroom properties are proving to be most popular as extra bedrooms are being used for alternative purposes such as home offices and gyms. The competition has heated up by 131% for four-bedroom homes and 124% for three bed properties.
Have your priorities changed since the pandemic began? If you are looking for a new place to call home, browse our available homes to rent.