When we talk about the rental market, we often think of the bustling streets of London. However, recent data paints a very different picture, one where the south coast and other regions are seeing an impressive surge in demand. Let’s dive in to see what’s happening.
The South Coast Steals the Spotlight
Regions on the south coast, especially West Sussex and Hampshire, are now leading in rental popularity, according to the latest Rental Demand Index presented by estate and lettings agent Barrows and Forrester.
West Sussex now holds the title as the most sought-after region in England, with a whopping 56.5% of landlords there having secured agreements with tenants. Not far behind is Bristol, with 55.5% of its rental properties now occupied, followed by Northamptonshire at 55%.
And it doesn’t stop there – Bedfordshire, Hertfordshire, Somerset, Buckinghamshire, Essex, and Cambridgeshire are all also experiencing high demand.
Why is Everyone Looking South?
James Forrester, the top boss at Barrows and Forrester, has noted a trend: tenants are eagerly seeking homes outside of London. In fact, south coast properties, such as those in West Sussex, are being snatched up incredibly quickly.
There are several theories for this shift:
- Nature’s Call: The appeal of green spaces and coastal access.
- Value for Money: Some tenants might be seeking more bang for their buck in commuter towns outside major cities.
- Work From Home Wave: The pandemic has changed our work habits, leading many to seek homes that suit a remote working lifestyle.
- Starting a Family: Older tenants may be searching for regions that are more suited to family needs.
No matter the reasons, it’s evident that there’s a shift away from the capital, leading to a more balanced rental demand across England.
A Peek at the Numbers
This year, 39.8% of rental properties across England were taken by tenants in the third quarter. That’s an increase from the second quarter’s 35.7%. However, it’s interesting to note that last year’s demand was even more intense at 46.0%, which is 6.2% higher than current figures.
What’s Up with London?
Shockingly, London isn’t following the national trend. Greater London’s rental demand is registering below the average, at just 32.6%. The heart of London, the City, is even more surprising, having the weakest demand in all of England at 28.6%.
Rising Stars and Falling Favourites
Some regions are making a strong play to climb the ranks. Leicestershire saw rental demand jump by 10.6% between the second and third quarters. West Yorkshire and Tyne and Wear are not far behind, with demands increasing by 9.0% and 10.3% respectively.
On the flip side, not all areas are experiencing a boom. The Isle of Wight saw a dip in demand by 16.4%, with Rutland and Dorset following with reductions of 12.1% and 11.4%.
Wrapping Up
The rental market is forever evolving, and the current trend points to the charm of the south coast and regions beyond London. Whether it’s the call of the sea, the search for value, or the lure of green spaces, it’s clear that England’s tenants are spreading their nets far and wide.