The lookdown effect
Lockdown restrictions – which have been in place for the past year – saw a surge in younger adults returning to live at home with their families in a bid to save money.
To combat this, we saw rents reduced across the UK to enhance the desirability and demonstrate flexibility for residents throughout a financially testing time.
Demand in real estate industry in 2021
With demand continuing to rise as the hospitality industry can resume and people begin to return to office work, the average cost of renting in Manchester is currently sitting at £772 (a reduction in 1%) and £639 in Liverpool (4.1%).
Meanwhile, in Leeds, the average rent is sitting at £746 (reduction in -0.7%) and London has seen rents fall 9.4% to an average of £1554.
The future situation
Research shared with us via property portal Zoopla confirms that demand will continue to rise as the vaccination program continues its successful delivery schedule along with the return to city center offices.
The reopening of the economy is dependent on the timings of the government schedules being met and hitting the key dates of the UK roadmap.
At this time, we are continuing to liaise2 with all Landlords in our care to discuss any rental increases on a one-on-one basis.