The average rent for larger properties across the UK continued to rise faster into the last quarter of 2020, according to the Deposit Protection Service.
The average rent for larger properties across the UK continued to rise faster into the last quarter of 2020, according to the Deposit Protection Service (DPS).
The average monthly cost of renting a detached property in the UK between October and December 2020 was £1,055, equating to 2.83% more than in Q3 2020, and 5.71% more than Q4 2019.
Average rent for semi-detached homes increased to £847 in Q4 2020, 2.29% more than in Q3, and 4.05% more than in the same period the previous year.
While the rate of increase in the cost of renting a flat rose faster in Q4 2020 than earlier in the year, it grew at a much slower rate than larger properties, reaching £803, 1.01% more than in Q3 2020, up 1.13% from Q4 2019.
The average overall UK rent increased to £792 during Q4 2020, up 1.54% from Q3 2020 and 2.46% more than Q4 2019.
On a regional basis, London rents continued to drop during the period, standing at £1,317, down 0.38% on Q3 2020 and 2.08% less than Q4 2019.
Two other regions experienced a decline in average rent between Q3 and Q4 2020, the North East noted a 1.70% drop to £520, and Yorkshire, where it fell by 2.15% to £546.
Meanwhile the West Midlands experienced the largest percentage rise, up 3.85% during Q4 2020 to reach £647.
The data is collected from a database of 1.8 million current tenancies.
Matt Trevett, managing director at the DPS, said: “Lockdown has meant many more people are spending longer at home, including far more extensive remote working, and as a consequence more tenants are seeking larger properties with more space.
“While there seems to be a particular focus on detached and semi-detached properties, the rental market as a whole remained remarkably resilient throughout much of 2020, despite broader economic uncertainties and restrictions that affected home viewings and public movement during the first national lockdown.”
Paul Fryers, managing director at Zephyr Homeloans, added: “Zephyr Homeloans saw a significant increase in buy-to-let mortgage applications in the last half of 2020, further suggesting a continued overall resilience in the UK rental market.
“Increased demand for detached and semi-detached properties will be of particular interest to the sector, with both landlords and tenants looking to adjust to the new circumstances that the pandemic has brought.”
