As we step into 2025, Sowerbys looks at what to expect from the Norfolk rental market.
Drawing on insights from Rightmove, here are the key trends which could shape the year ahead, whether you’re a landlord or tenant across Norfolk.
In 2024, Rightmove reported a 19% drop in the number of people looking to move, paired with a 7% increase in the supply of rental homes.
These changes in activity suggest a more balanced rental market for 2025, a welcome change after years of high demand with insufficient stock.
After years of sharp increases, 2024 saw the smallest rent rise since 2021. Average rents outside London were up 4.5% in 2024 compared to 2023.
In 2025, Rightmove predicts advertised rents will rise by 3% both inside and outside London.
Norfolk, with its blend of city, coastal, and countryside living, could see a similar trend, especially as people continue to rediscover the appeal of local living post-pandemic.
Tim Bannister, Rightmove’s property expert, said: “Whilst at a top level, we’ve seen overall improvements in the balance between supply and demand, agents tell us they are still extremely busy and having to manage high volumes of tenant enquiries. We’re therefore likely to see a more normal figure of around 3% growth in newly advertised rents next year.”
Ed Tyman, Sowerbys Lettings and Operations Director, said: “Although the stats suggest a more balanced market between tenant demand and available property, we’ve had back-to-back record years at Sowerbys for activity across the board in our lettings department. We certainly expect 2025 to continue in the same manner and whilst there are some legislative changes on the way to navigate, it’s clear the Norfolk rental market continues to be in demand and resilient.”
For landlords, 2025 presents an opportunity to balance fair pricing with tenant retention. The growing supply of rental homes offers tenants more choice, but demand remains strong enough to sustain modest rent increases.
At Sowerbys, we’re here to help landlords navigate these changes and make informed decisions about their properties. If you’re considering letting your property or need advice on pricing, get in touch with our expert lettings team.