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Average rents reach record-high as demand continues to grow – Rightmove

  • 05/10/2023
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Average rents reach record-high as demand continues to grow – Rightmove
The average rent outside and inside London have reached record high of £1,278 and £2,627 per month as the number of enquiries per property continues to rise, a report has found.

According to Rightmove, the average rent outside of London has grown for the 15th consecutive quarter and is 10 per cent higher than this time last year.

Within London, the average rent has increased 12.1 per cent compared to the same period last year.

The report noted that one of the factors driving rapidly increasing rent was a lack of available rental properties to meet demand.

It continued that the average rental property across Great Britain was currently receiving 25 enquiries from prospective tenants to letting agents. This is over triple the average figure in 2019 and is five more than the figure reported in May this year.

The number of unique tenants looking to move is 41 per cent up compared to 2019 levels and the number of properties to rent has fallen by 35 per cent over the same period.

Rightmove noted that supply and demand had slowly started to improve, with demand 17 per cent lower than last year.

It added that the total number of properties to rent were up by 14 per cent compared with 2022 and the number of new properties were seven per cent up on this last year.


Rent rises could slow

Rightmove’s director of property science Tim Bannister said: “Record rents and far more tenants looking to move than there are homes available means it will still feel very difficult for many tenants navigating the market.

“However, there are signs that some of the pressure between supply and demand is beginning to ease, with the number of new rental properties coming to the market now at its highest level since the end of last year.”

He added: “While it is likely that there is some way to go before this filters through to rental prices, if the improving trend between supply and demand continues, we could start to see the pace of yearly rent rises slow more significantly than it has been.”

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