Commenting on the UK rental market, Head of Research at Zoopla Gráinne Gilmore, said: “Rental demand has risen strongly amid increased activity in city centres, but supply is still constrained, leading to the fastest growth in rents in Q4 than at any time over the last 13 years.”

The average rent across the UK is now at a record high of £969 pcm, £62 pcm above the average at the start of the pandemic.

Demand for city centre rental properties dipped during the height of the pandemic as open space was highly desired. Towards the end of 2021 however, demand returned to city centres as stay-at-home orders and social distancing measures ease, students return to in-person lectures, offices reopen and tourism resumes.

At the end of 2021, rental prices in Wales were up by 9.8% over the last year at an average of £686 pcm.

Key highlights of the UK Rental Market Report show a growth of 8.3% for new lets as demand gains momentum amid a chronic shortage of supply for rental properties. The demand is said to be up by 76% compared to 2018-2021.

Pressure on rent is expected to rise further as demand continues to exceed supply.

For any assistance on navigating the local rental market as a landlord or tenant, do get in touch with us at:

01633 401070 or email smooth@smoothmoveagents.co.uk