Record rent rises and royal celebrations mark the start of June. The lettings market shows little sign of a slowdown in activity.
At 15.6%, average rental prices in the prime markets of England and Wales have posted their 11th consecutive year-on-year rise. Double-digit annual growth is evident in seven of the ten regions of England and Wales. Contrast this to a year ago, when prime market rents remained 0.4% lower than when the housing market reopened for activity in June 2020. Across the UK, rents are rising at their fastest pace since the Global Financial Crisis in 2008 and an increasing number of renters are choosing to stay in situ. This avoids entering the current market frenzy, and lease renewals often benefit from lower rent increases. The average tenancy length is now 75 weeks, up from an average duration of a year back in 2017 (Zoopla).
When the Queen ascended the throne back in 1952, nearly two-thirds of households across England and Wales were in the private rented sector. Over the course of the last 70 years, while the number of households has nearly doubled, the proportion in the private rented sector has fallen to one in five.
In a nod to the Jubilee, Dataloft analysis suggests there are over 4,500 roads across England and Wales with ‘Queen’ in their street name. Over 970 road names include ‘Jubilee’, 940 have ‘Elizabeth’, 800 have ‘Royal’ and nearly 670 include ‘Coronation’ (Dataloft, Ordnance Survey). How many include private rented households is unknown, but plenty will have a royal connection.
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