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We are thrilled to share that our Managing Director, Will Ravenhill, recently made an appearance on Ros Atkin’s BBC ‘Panorama’ documentary, offering valuable insights into Leicester’s rental market. The programme explored the UK’s record rise in immigration and questions whether this has had an impact on the rise in rental prices. With over three decades of experience in the Leicester property market, Will shares insight into the key factors influencing rental prices in the city.
What is the Cause of Leicester’s Increase in Rental Prices?
In the programme, it is referenced that Leicester has witnessed a notable surge in rental prices. Over the past 2 years, rents have increased by 20%. Leicester’s population has also shown an increase; since 2011 the population has grown by 40,000, and this is primarily attributed to migrants moving to the city. [Source: BBC ‘Panorama’]
Whilst agreeing that immigration has increased demand for housing in Leicester, Will states “If you are asking the question has that put pressure on rent and made rent increase, I don’t think it has”.
Several factors have contributed to the rise in rental prices, as outlined by Will on the programme. The exiting of landlords from the market has resulted in a decrease in available rental properties, intensifying competition among tenants and driving up rents. Another significant factor is to do with the recent rise in interest rates over the past couple of years, which has presented challenges for new landlords because they are finding that their mortgages have drastically increased. This, therefore, has an impact on rental prices for tenants.
Watch the full interview with Will Ravenhill at Readings on the episode of ‘Panorama’ BBC IPlayer
Will’s interview features at 00:20:00.
Browse our Properties to Rent in Leicester
Despite the challenges posed by the surge in demand and subsequent rise in rental prices in Leicester, Readings stands ready to assist prospective tenants in finding their ideal rental property. Our diverse range of rental properties ensures that tenants have options tailored to their needs and preferences.
Whether you’re seeking a cosy apartment in the city centre or a spacious family home on the outskirts of the city, our team is dedicated to guiding you through the process and helping you secure a suitable rental in Leicester. Explore our listings today and let us help you find your next home.
