Following an extraodinary few months for the property market, we take a look at how house prices and rents have changed and the predictions for the months ahead.
Rents rise in all UK regions
- All regions in the UK saw an annual increase in monthly rent in July. The South West experienced the biggest increase (12.9%), followed by Wales (11.8%) and the East Midlands (10.8%).
- According to the RICS residential survey, tenant demand rose for a fifth straight quarter, with a current net balance of +52% of respondents reporting an increase in demand.
- Landlord instructions remain in decline, with a net balance of -20%, the fourth consecutive quarter with a negative reading.
- The imbalance between supply and demand has put upward pressure on prices and rents are expected to increase by 3% over the next year.
Source: Dataloft, HomeLet, RICS
Record-breaking house price growth
- The UK experienced a 13.2% annual increase in house prices in June 2021. This is the largest annual increase recorded since 2004.
- The average price of a UK house now stands at a record high of £265,668, which is £30,965 higher than the same time last year.
- All regions in the UK experienced an annual increase in house prices. The North West experienced the biggest increase (18.6%), followed by Wales (16.7%) and Yorkshire and the Humber (15.8%).
- There are early signs of house price growth slowing down, with Nationwide reporting a monthly decline in July house prices (-0.5%) and Rightmove reporting an overall decline in ask prices (-0.3%).
Source: Dataloft, UKHPI.
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