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Outer London and East Midlands landlords report strongest rising tenant demand

  • 21/08/2023
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Outer London and East Midlands landlords report strongest rising tenant demand
Around 91 per cent of landlords with property in Outer London have reported rising tenant demand, followed by 86 per cent of East Midlands’ landlords.

According to research by Paragon, where BVA BDRC collated the views of 983 landlords, in Wales approximately 82 per cent of landlords reported growing tenant demand.

The weakest region for tenant demand was North East at 69 per cent, with six per cent stating that demand decreased during the quarter.

Around 67 per cent of landlords across Britain reported growing levels of tenant demand in the second quarter, in line with the first quarter.

Only two per cent of landlords reported falling levels of demand, a decrease from four per cent last quarter.

The report added that the strong demand was leading to rent increases with 87 per cent of landlords saying rental prices were growing in their local market.

Just over half, 51 per cent, said they planned to increase their rents across their portfolios in the next six months.

Around 94 per cent of landlords in Wales said they would increase rent, followed by North East at 92 per cent, Yorkshire and the Humber and East Midlands at 91 per cent.

Nearly three quarters of landlords cited inflation as a factor in increasing rent in the next six months, along with the rising costs of running a property.

Approximately 59 per cent said rises were to align with local market rents.

Paragon Bank’s commercial director of mortgages Louisa Sedgwick said: “Tenant demand shows no signs of slowing down in many parts of the country.

“With supply not growing quickly enough to keep pace, we are seeing rental inflation and that is likely to continue until we see demand more in balance with supply.”

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