Residential Rents Rising

ONS reported a 1.5% annual increase in private rents in August. Agents are reporting an increase in tenant demand and positive short-term rent expectations, suggesting that many markets will be insulated from the end of the eviction ban and the furlough scheme. All regions saw an increase in private rents. The South West had the biggest annual increase, 2.5%. Scotland had the smallest annual increase, 0.5% (ONS). 13.1% of leases are set to expire in Q4 2020. Greater London has the highest proportion of tenancies expiring in Q4 2020, 15.3%. Wales has the lowest, 6.6% (Dataloft Rental Market Analytics). 13.1% of leases are set to expire in Q4 2020. Greater London has the highest proportion of tenancies expiring in Q4 2020, 15.3%. Wales has the lowest, 6.6% (Dataloft Rental Market Analytics). With increased tenant demand and subdued landlord instructions, +31% of agents expect an increase in rent over the next 3 months (RICS).