Demand for rental homes across the UK’s major cities has increased by 13% since the second quarter of the year, according to new data from Howsy.
The latest Rental Demand Index for the third quarter from the lettings management platform showed that that the average rental demand across 20 major UK cities is currently 36%, having climbed from 23% in the last quarter.
Howsy’s index looks at rental listings across all of the major property portals, taking an average demand score for the nation’s major cities, based on where has the highest number of properties already let as a percentage of all rental listings. The research then highlights where the highest level of tenant demand is based on this supply and demand ratio.
The data found that Belfast had seen the largest increase in tenant demand, up by 31% since Q2, followed by Glasgow (+29%), Bournemouth (+26%) and Bristol (+21%).
Aberdeen (+1%), Leeds (+4%) and Leicester (+4%) saw the lowest uplift in tenant demand over the last three months, the index showed.
Tenant demand in London has increased by 10% since Q2, however, a number of the capital’s peripheral boroughs have seen a stronger uplift, such as Kingston, which saw tenant demand lift by 18% in the last three months, the biggest increase of all boroughs.
Richmond (+15%), Havering (+13%), Islington (+13%), Hillingdon (+13%) and Barking and Dagenham (+13%) also saw some of the largest increases.
Howsy founder and CEO, Calum Brannan, commented: “Despite some tenants finding themselves in financial difficulty due to the current pandemic, demand for rental properties continues to climb across the UK’s major cities as many still require a roof over their heads and have the financial stability to secure one.
“This will be welcome news for landlords who have had a tough few months with little to no help from the government. With a ban on evictions now over, they can attempt to return to normality and claw back some income on their bricks and mortar investment.”
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