No sooner had the clocks gone back, then it was fireworks time, but are there any fireworks in the property market at the moment? According to some of the property industry’s more respected commentators, the answer is a resounding yes, with both the sales and rental sectors positively booming. Rightmove’s Q3 report reveals UK rents shot up by 8.6% between September 2020 and September 2021. HomeLet’s Greater London figures then show it rose again in October, climbing as high as 9.7%.
Some of the greatest increases in demand have been occurring in the UK’s towns and cities, as tenants ‘boomerang’ back to more urban areas. In Edinburgh, for example, demand was up by a mind-boggling 49% when compared to last year! London, as many of you know, had been lagging a little behind the rest of the country but prices are now rising consistently for both sales and rents. Last month, London’s rents rose by 2.3% (6.4% annually) and, at the same time, London’s house prices saw some of the biggest rises of all the UK’s regions at 1.9% (2.6% annually).
And, it’s unlikely the market will slow down anytime soon, even if there is a base rate rise. We are now moving into a very busy time of year, as everyone frantically rushes around, hoping to get settled into new homes before the Christmas holidays begin and the commercial world grinds to a halt.
If you’re considering putting a property onto the market but think you are running out of time, that it might be best to wait until the festivities are over, you should think again. The Christmas holiday period sees some of the heaviest traffic of the year on the property portals, so don’t miss out on all those potential tenants (and buyers). All you need do is give us a call and we can get it all set up so that when 2022 kicks off, you’ll be ahead of the game.
That’s it from me for November. I’ll be back again next month when the whole world will be covered in glitter and tinsel!
