Are you a landlord in Morecambe? If so, you might be very interested to know that the UK average rental has increased by 7.5% and is now higher than pre-pandemic levels.
Closer to home in the Northwest the average rent has risen by 7.8%. Interestingly though in Lancaster it has remained stable, whilst over in Morecambe it has jumped by a whopping 10.4%.
The reason why Lancaster rents haven’t risen is partly that a limited number of properties have been available in Lancaster – the university has been closed to students, therefore many of the cities workers have been working from remote places, meaning the turnover of property has been less. It is expected to rise considerably next year as these people and workers are now returning. Morecambe’s demographic is different, and the demand to live by the coast has risen dramatically.
If you look at the infographic above Wales has seen the largest annual increase in monthly rent at 12.9%, followed by Scotland at 10.5% and then surprisingly the East Midlands!
Looking into the future it is predicted that rents are only set to grow. Next year, rents are expected to increase by just over 3%. Over the next five years, they are forecast to grow by 4% per annum across the UK.
The question that has got to be asked is, when your property next comes vacant, is your property due a rent review? It could be to earn you more than you think! Plus with the highly anticipated wait for the Eden Project North, the demand for homes to buy and rent in Morecambe is set to soar.
If you would like to chat about your Morecambe rental property or are thinking of investing in the Morecambe area, please get in touch. At JDG we are here to help you.
Thanks for reading
Josh