With recent reports confirming rents in London have dipped during April, May and June, in contrast counties such as Lincolnshire, Nottinghamshire and Leicestershire have seen average rental prices hit an all-time high.
James Ward, Partner at Mount & Minster, says: 'It's certainly interesting to see asking rents decline in the capital, however the East Midlands have faired better than other areas of the UK over lockdown, boosting confidence in the local market. The lack of activity over the seven week period over lockdown has certainly fuelled this increase in demand we're experiencing not only in Lincoln, Grantham and Newark, but also rurally in the villages throughout the East Midlands."
Overall, rental demand is at a record high and is likely to result in further upwards price pressure except in areas of over-supply. Compared to this time last year, demand is now 40% higher across Great Britain, and 54% higher in Lincolnshire alone.
With demand being at a record high, although this is great news for our clients, it is by no means welcomed by many tenants looking to move right now, especially as we know there will be even more competition for those attractive properties with more space, bigger gardens and spare rooms.
Despite the decline in London, comparatively these rent are still much higher compared to the local area in the East Midlands. Little wander, therefore, that some existing London renters are already moving further afield, another reason for the increase in number of properties up for rent in the capital, increasing supply and pushing rents down, yet increasing the pool of prospective tenants locally. These tenants are often higher earners and therefore better prospects for landlords concerned as to the ability for tenants to afford their rents in turbulent times such as these.