Landlords in most regions have seen rents rising for the first time since
March when the Covid-19 lockdown began.
The figures from Hamptons International reveal that the
average rent is now £1,041 per month, that's a year-on-year rise of 1.4%.
However, there is little good news for landlords in inner London where
rents fell by -14.9%, year-on-year.
The average rent now being paid in the capital is £2,182 per month, a fall
from October 2019's figure of £2,564.
Also, landlords in Wales have seen rents fall by -0.4%.
Biggest rise in rents seen by landlords
The biggest rise in rents was seen by landlords with properties in the
South West where they grew by 5.9%.
In second place is Scotland with a 3.8% rise in rents, and landlords in
outer London who saw rents grow by 3.3%.
The head of research at Hamptons, Aneisha Beveridge, said: "In October,
rents started to pick up steam following six months of stagnation.
"Rent growth then accelerated across Great Britain by 1.4%, that's the
first annual increase since March."
Rents growing more quickly in country locations
The figures highlight that rents are now growing more quickly in country
locations rather than in cities.
Ms Beveridge said: "The rent gap between the countryside and cities is
closing.
"Tenants who made the move to the countryside last month spent 31% less on
their rent, and we can expect the gap to widen again next year."
She says this changing tenant preference is one of the reasons why inner
London rents have fallen quickly.
However, rents in outer London are now recovering and outside of the
capital, rents in the north of England have reached a new record high.
Also, rents in the South West are recording their strongest growth in five
years.
The managing director of Accommodation for Students, Simon
Thompson, welcomed the news that rents are picking up.
'Rents are rising for the first time since March'
He said: "This year has been a difficult one for landlords and news that
rents are rising for the first time since March can only be welcomed.
"The underlying strength of the rental sector will, hopefully, see 2021
being a good year for landlords everywhere."
News that renters are leaving cities and heading to the countryside has
been underlined by data produced by home.co.uk.
They say that tenants are quitting London and leaving for larger homes that
have gardens in rural and suburban areas.
They say there was a 68% increase in the supply of homes to rent in London,
compared with a year ago.
A spokesman said: "While homeworking isn't an option for everyone, a
lifestyle change is a key trend that is reshaping rental demand and any
refocusing of tenant demand will have a dramatic effect on the balance of
demand and supply."
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