North West rents surge

rents grow

Rents have surged in the North West of England in the past year, rising by 6.5% to average at £773 in July 2020.

They also increased by 2% from June to July, suggesting demand has been strong following the lockdown.

The region with the biggest month-on-month increase in rents was Northern Ireland, with a rise of 2.3%.

HomeLet research found that rents have also seen solid annual increases in Yorkshire & the Humberside (4.5%) and the South West (2.5%).

Across the UK a whole the cost of renting has risen by 1.5% month-on-month and 0.6% year-on-year.

Martin Totty, chief executive at HomeLet, said: “July appeared to be yet another encouraging month for lettings – with a rise in rental prices across all of the 12 regions monitored compared to June – although the data does indicate a downward trend emerging YOY for those in the South East and Greater London.

“Demand for new tenancies is still strong, HomeLet received the same volume of property applications for tenant reference checks this month as the same month last year. That coupled with the steadily increasing rents is positive for the sector, but there’s naturally caution around what could happen over the coming months.