Rents on detached homes increased twice as fast as the average for all UK properties during the third quarter, according to The Deposit Protection Service (The DPS).
Research by the UK’s largest protector of deposits said that average rents for detached properties during Q3 rose £38 (3.52%) from £1,079 to £1,117.
By comparison, the group said that average UK rent increased by £14 (1.74%) from £804 to £818 during Q3 2021.
The DPS also highlighted that the number of deposits registered for detached properties fell by 17% between Q3 2020 and Q3 2021, while rents on detached homes grew by £91 (8.87%) over the same period. Rents for all categories of property increased during Q3 and were all higher than during the same period last year (Q3 2020).
“Despite the roll-out of the coronavirus vaccination programme and the lifting of lockdowns, it seems that tenants are still prioritising more living space and are willing to pay for it,” commented The DPS managing director, Matt Trevett. “They are also staying in detached homes for longer and this, combined with lower availability of these properties, is driving up rents.
“The last quarter’s rent increases across all property types and most regions suggests a strong return of demand from tenants as employees start to go back into offices and students attend university in person this academic year.”
Zephyr Homeloans managing director, Paul Fryers, added: “Evidence of strong tenant demand, particularly for detached homes during the last quarter, will help provide further valuable insight for landlords considering whether to invest in property this year.
“It is important that landlords wishing to purchase property take into account their own specific financial situation as well as current market conditions.”
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