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Rent demand for investment property is up in the UK, according to the latest research by lettings platform, Bunk.
The platform looked at rent demand across major UK cities and where has seen the biggest shifts since the last quarter, based on the number of properties being let as a percentage of all rental listings.
The latest data shows that rent demand is up 6 per cent quarter to quarter across the UK’s major cities and for the second quarter in a row, Bristol tops the table as the most in-demand location for rental properties.
Tenant demand in the top-ranking city of Bristol is currently at 67.6 per cent, having increased a further 17.5 per cent since Q2.
Nottingham ranks second with demand for rental stock at 54.3 per cent, followed by Cambridge with a demand score of 50 per cent, as well as Bournemouth (42.9 per cent) and Portsmouth (42.8 per cent).
These five cities also account for the largest increases in tenant demand since Q2, with increases of between 11.2 per cent and 18.7 per cent.
Aberdeen remains the least in-demand city for rent demand at 8.9 per cent, with Edinburgh (14.8 per cent) and Newcastle (16.5 per cent) also propping up the bottom of the table.
London rent demand has shot up 8.2 per cent since the second quarter of 2019 with Lewisham topping the table as the most in-demand borough at 48.4 per cent. Bromley (46.2 per cent), Bexley (43.7 per cent), Havering (43.7 per cent) and Islington (43.3 per cent) are also amongst the most in-demand boroughs for tenant demand in Q3.
Islington has also seen the largest uplift in rental demand quarter to quarter, up 17 per cent, while Sutton is the only borough to see a drop since Q2 – down -0.7 per cent.
Kensington and Chelsea, Westminster and Camden are the boroughs home to the lowest level of current tenant demand at 13.4 per cent, 15.4 per cent, and 22.3 per cent respectively.
Co-founder of Bunk, Tom Woollard, commented: ‘We continue to see the UK rental sector acting as the backbone of the property market with demand for rental properties climbing yet again.’