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Rents in Nottingham Rise Fastest in the Country

28th Jul 2021

Category: Property headlines

A huge increase in rental asking prices in Nottingham makes our city the fastest rising for rents in the UK, but it's not all plain sailing for Nottingham's property investors.

In the lettings market, Rightmove's Q2 report released this month shows there has been a huge overall increase of 6.2% in rental prices since this time last year! This increase means that the average UK property is now let at over £1000 pcm for the first time ever.

In great news for Nottingham property investors, the city centre is the best performing area in the country, with asking rents up a whopping 6.8%.

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Nottingham's success could be due to the fact that asking rents in city centres in general are reportedly starting to recover after their pandemic dip. With city centres opening back up, all of the appealing elements of city centre living are bringing people back to the area. This matches with the increase in demand in city centre living we have seen in our own offices in recent months, with apartments and studios in much higher demand than even this time last month.

The difficulty for property investors in this frenzied market is actually securing a property. We're speaking with many investors who are running in to difficulty with a lack of supply and properties being snapped up quickly. This experience certainly matches with what Rightmove are reporting about the sales market. The house price index shows that the busiest ever first half of the year has led to a national shortfall of 225,000 homes for sale. On the bright side, now that the higher rate stamp duty exemption has finished and the lower rate exemption is due to finish in September, the market may slow down to a fast but less frenetic pace.

Image and statistics courtesy of rightmove.co.uk.

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