Some 90 per cent of branches from franchise giant Belvoir believe house rents will rise or at least stay static in 2021, with few anticipating rent falls.
With regard to flats, 82 per cent forecast rent increases.
Predictions regarding the likelihood of rising or decreasing rents vary from region to region, and even for offices within a specific region, but the agency says that the market is likely to continues its current robust cycle.
The average length of tenancies remains high nationwide, says the agency, with 41 per cent of tenants opting to remain in their home for 19 to 24 months, and almost a quarter renting for over two years: the company expects this trend to go on into 2021.
In the third quarter of this year the average monthly rent recorded was £806, which was a small decrease of around 1.5 per cent versus Q3 2019.
The latest recorded monthly rental statistics show rents range from £607 in the North East, £680 in the East Midlands, £811 in the South West, through to £1,089 in the South East and £1,600 in London.
The agency chain has also revealed a seven per cent increase in the number of offices who experienced landlords selling up to three properties when compared to Q2. The number of offices seeing landlords selling six to 10 properties compared to Q2 also increased from five to nine per cent.
Belvoir chief executive Dorian Gonsalves says: “There is undoubtedly an urgent need for further government intervention and improved strategies to ensure that tenants are able to access and benefit from the same levels of assistance as home owners. Without further government support, such as the introduction of a tenant loan scheme similar to that already operational in Wales, there will be increased risk of further rises in arrears and more likelihood of landlords selling up.”
And he adds: “This will result in further shortage of good quality rental properties and will leave tenants vulnerable to rogue landlords offering substandard accommodation.”
This post has originally been featured in Letting Agent Today.