Now the lockdown is beginning to ease, the UK rental market has seen a huge resurgence in tenant demand.
On Wednesday 27th May, Rightmove, the UK’s largest online real estate portal and property website, reported that it had experienced its busiest day on record with more than six million visitors browsing the site. This is an increase of 22% compared to the same period in 2019, highlighting the UK’s insatiable demand for rental property. Rightmove’s data also revealed that a quarter of enquiries, who previously had no plans to move prior to lockdown, were now looking for a new place to live.
According to Rightmove, the number of tenants seeking homes is now up to its pre-coronavirus levels. There could be several reasons affecting this steep rise; people’s priorities may have changed during lockdown after spending more time in their home than ever before, people’s relationships may not have lasted through lockdown and they are now on the lookout for alternative accommodation, or people may be relocating closer to family.
Demand far outweighs supply
At this moment in time, the demand for rental property far outweighs supply. The number of rental listings is 4% lower than it was this time last year according to Rightmove, and in the week beginning 6th April this fell to 64% below 2019’s rental stock levels.
In the last couple of decades, the UK’s rental market has grown significantly, with more people than ever before are choosing to live in rental accommodation, and for longer. Combine that with the hypothesis that the UK’s population will reach 70 million in the next decade, demand for rental accommodation is only set to increase.
Invest in Manchester
If you’re an overseas investor looking at the UK buy-to-let market, Manchester is an extremely viable option. Due to vast commercial investment over the years and a rapidly growing population, rental demand is higher than ever in Manchester city centre. When demand is high, there is much less of a chance that the apartment you have invested in will lie empty.
Manchester City Council predict a population growth of 5,000 people per year by 2025, with demand for housing far outweighing supply. Luckily for the future tenants of Manchester, Beech Holdings have a number of new developments under construction in the city centre.
One of these developments available for investment is Ancoats Gardens. Situated in the increasingly popular Ancoats neighbourhood, Ancoats Gardens will be Beech Holdings’ most luxurious residential development to date. With roof gardens, a private gym, coffee roastery and shared social space, Ancoats Gardens will be one of the most in-demand residences in Manchester city centre.
If would like to find out more about Ancoats Gardens, get in touch and our team will guide you through the process.