The headlines from the Q4 2020 Hometrack Rental Market Report are:
- Average UK rents excluding London rise 2.3% in 2020, up from 1.6% annual growth in Q3 2020
- Rental growth underpinned by continued rise in demand, up 21% year on year in January in UK rental market excluding London
- In contrast, average rents are down -8.3% in London, with rental declines concentrated in inner London amid rising supply and weaker demand
- Some larger cities are also registering rental declines, although a ‘search for space’ is driving demand in the wider commuter-zones surrounding these cities, putting upwards pressure on rents
- Rental values in 2021 set to be underpinned by constrained supply in many markets. The outlook for city centre markets is dependent on effective roll- out of COVID-19 vaccine allowing return to ‘business as usual’
You can read the full report online Q4 2020 Hometrack Rental Market Report on the Hometrack website.
Here are the headlines from the Q3 report.