Mansfield rental growth up 10% as UK rents rise at highest rate for more than a decade

By Karen Antcliff

It is no secret that the housing market is booming at the moment and that’s not just the sales market.

Data released today shows that UK rents outside London are rising at the highest rate for more than a decade with rental growth in Mansfield among the highest in the country at 10%.

The news comes from property website Zoopla’s analysis which says the rises are being fuelled by a widening imbalance between rental demand and supply.

Gráinne Gilmore, head of research, Zoopla, said: "Rents in Nottingham are currently sitting just under the national average of £790.

"Nottingham is following the trend seen in other cities across the UK, with rising demand for city centre living and limited supply putting upwards pressure on rents."

Across the East Midlands, rental growth hit 10-year highs at +6.8% in July but the stand out locations were the town of Mansfield at 10%, only beaten by Wigan, which was another rental growth hotspot in double figures at 10.5%.

Nottingham sits at 7.9 % with the average rent £743.

Gráinne Gilmore, head of research at Zoopla Pic supplied by Zoopla (Zoopla)

The data states that what unites all of the highest figure locations is that they remain some of the most affordable places to rent, with the proportion of income needed for a single earner to pay monthly rent below the UK average of 32%.

Rental properties letting almost a week faster than in 2020

With supply and demand so out of kilter, competition is fierce for rental properties and it’s this imbalance that has resulted in the rental market moving at its fastest rate since 2016. According to the research, at this present time, rental properties are securing renters, on average, within 15 days of coming to market.

While demand for rental houses outpaced demand for rental flats at the height of the pandemic, demand for both property types is pegging level.

City life returning?

And while just a few short months ago estate agents were highlighting the number of house sellers escaping to the country in search of more inside and outside space, in contrast, today’s rental market report shows a rising demand for city living for renters.

"This marks the ‘swing back’ of the pendulum with renters returning to a city life more akin to that before Covid," notes Zoopla.

Gráinne Gilmore, added: "The strong levels of rental demand seen across the UK during August will moderate in line with seasonal trends, but overall demand for rental property is likely to remain higher than usual in the coming months, amid this swing back to city life.

"As ever, much will be dependent on the extent to which the current rules around Covid continue as they are. But given no deviation from the current landscape, the demand for rental property, coupled with lower levels of supply, will continue to put upward pressure on rents."

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