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The Lowdown on the Local Rental Market

Date Published 08 February 2022

The Lowdown on the Local Renting Market

The rental market has been very strong over the whole of the pandemic as many people have taken the opportunity to review the way they live and work and reassess their housing priorities. In addition, essential workers have had to be housed and demand for rental properties has probably been at an all-time high.

Supply of good quality properties to rent has been more difficult to come buy as the Sales market has been equally strong and some homeowners who may have considered renting have taken advantage of higher sales prices to move on their properties. Uncertainty over jobs, incomes and future employment during lockdown has meant many tenants delayed moving on so properties that would normally become available at the natural end of a tenancy have remained occupied for longer, fuelling the shortage of what is on the market.

We thought we would share the most recent key statistics from the BN postcode area .

£1,191


Average asking rent In the BN postcode area is now £1,191 an increase of 7 .6% year on year. (1-4 beds from Zoopla rental price index).
This compares to a National Average of £969 and a rate of increase of 7.5% excluding London.

3.4%


The 3-year compound Average annual rate of Rental price Growth is 3.4%, so you can see the rate the rents have increased is more than double the 3 year average, and over 2.5 times the 5 year average which is 2.9%.

9 Days


The Average time taken for a property to let is just 9 Days. This compares to 14 days across the country and is 37.4% shorter than the time taken to let a year ago.

(The average number of days taken from when a property is first listed on the market via Zoopla to the date the property was successfully listed as ‘let'.)

The change in rents has put upwards pressure on affordability levels in many regions, although they remain close to longer-run averages.

Zoopla's measure of affordability – rent as a proportion of gross income - has averaged 36% for a single earner over the last decade. In December it rose to 37%. For those sharing with one other person, rent accounts for 18% of average income.

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