Housing Portal Zoopla has released their quarterly rental market report which has shown that houses in the UK are being reserved on average 30% faster than this time last year. These figures equate to an average of nearly a week (6 days) and this shortening period has been seen across all cities.
The situation with flats however remains similar to this time last year, with just 2% faster timescales. They have also reported that a far larger proportion of rental flats have had their rents reduced to attracted tenants, compared to houses.
This is further evidence that the pandemic has driven people to revaluate their requirements for more space.
Rents are up 2.3% annually with the average UK rental price (outside of London) now sitting at £920 pcm. Demand for renters from all areas excluding the capital is up 21% in January 2021, however supply has dwindled and is down 11% from the previous year.
Cities are seeing a drop in demand, as more flexible working patterns emerge and the demand for space rises, with commuter zones seeing more the demand instead.