The latest Rental Demand Index for Q3 from lettings management platform, Howsy, has revealed that demand for rental homes across the UK’s major cities has increased +13% since Q2.
Howsy’s index looks at rental listings across all of the major property portals, taking an average demand score for the nation’s major cities based on where has the highest number of properties already let as a percentage of all rental listings.
The research then highlights where the highest level of tenant demand currently is based on this supply/demand ratio.
The latest index shows that the average rental demand across 20 major UK cities is currently 36%, having climbed +13% in the last quarter.
Belfast has seen the largest increase in tenant demand, up +31% since quarter two followed by Glasgow (+29%), Bournemouth (+26%) and Bristol (+21%).
Aberdeen (+1%), Leeds (+4%) and Leicester (+4%) have seen the lowest uplift in tenant demand in the last three months.
Tenant demand in London has increased by 10% since Q2, however, a number of the capital’s peripheral boroughs have seen a stronger uplift.
Kingston has seen tenant demand lift by +18% in the last three months, the biggest increase of all boroughs.
Richmond (+15%), Havering (+13%), Islington (+13%), Hillingdon (+13%) and Barking and Dagenham (+13%) have also seen some of the largest increases.
Founder and CEO of Howsy, Calum Brannan, commented: “Despite some tenants finding themselves in financial difficulty due to the current pandemic, demand for rental properties continues to climb across the UK’s major cities as many still require a roof over their heads and have the financial stability to secure one.
This will be welcome news for landlords who have had a tough few months with little to no help from the Government. With a ban on evictions now over, they can attempt to return to normality and claw back some income on their bricks and mortar investment.”