Personal leas in some of the UK’s greatest city centres have actually fallen by up to 12% in a year however have actually risen greatly in parts of northern England as some tenants switched an urban life for the residential areas, smaller sized towns and villages.
Home website Rightmove’s most current rental trends report said the pandemic had led to falling asking leas and a “flood” of properties coming on to the market in many locations.
Central London has actually been “hardest hit”, stated the website, with typical asking rents down by 12.4% on a year earlier, followed by Edinburgh city centre, which was down 10%, and Manchester city centre, down 5.3%.
Away from city centres it was a different image, with agents reporting busy markets and rising rents.
Rightmove called the leading three highest growth areas outside London as the city of Durham, the town of Keighley in West Yorkshire, and Wigan in Greater Manchester.
In Durham, the typical asking lease a month for a two-bedroom residential or commercial property jumped from ₤ 543 in the fourth quarter of 2019 to ₤ 632 in the very same quarter in 2015– an increase of 16.4%. The comparable yearly INCREASES for Keighley and Wigan were 14.6% and 11.2%, respectively.
Rightmove looked closely at the centres of 10 of the UK’s biggest cities, and said there were areas where asking leas were still rising on a yearly basis, consisting of Bristol and Liverpool, although the 2% boost in both of those areas was listed below the national average of 3.7%.
The number of rental residential or commercial properties on Rightmove more than doubled in some city centres, with the greatest dives in Leeds, London and Nottingham.
Tim Bannister, Rightmove’s director of residential or commercial property information, said its findings on leas “bring a challenge for some property owners, but likewise an opportunity for renters who may be able to make a longer-term decision and move into a city centre now … at a more appealing lease than this time last year”.
City centres where average asking lease has actually fallen most
Inner London ₤ 2,219 (-12.4%).
Edinburgh ₤ 1,124 (-10%).
Manchester ₤ 1,022 (-5.3%).
Birmingham ₤ 883 (-4.6%).
Leeds ₤ 811 (-4.4%).
* Figures are monthly.
The five highest rental growth areas outside London *
Durham, County Durham ₤ 632 (+16.4%).
Keighley, West Yorkshire ₤ 556 (+14.6%).
Wigan, Greater Manchester ₤ 559 (+11.2%).
Rochdale, Greater Manchester ₤ 585 (+10.8%).
Rossendale, Lancashire ₤ 548 (+10.3%).
* Typical asking lease a month for two-bed property.