Revealed - Where Rents in the UK Have Risen 33% in the Last Year
Published by Magnate Assets on
Apr 27, 2023
The latest property market figures show that rent prices in the London boroughs of Ealing and Kensington and Chelsea have risen dramatically, with increases of 33 and 31 percent respectively. This is indicating that the property market in the capital is still in a state of scarcity, with supply still lagging behind demand.
Although some industry commentators have expressed fears of a crash in the market, prices seem to have adapted well to rising borrowing costs and are continuing to rise steadily. March saw asking prices increase in all English regions, except for London which saw a slight decrease of 0.3 per cent.
The total sales stock count for England and Wales has risen to 388,482, although this is still below the 10-year average of 420,297. A key measure of the state of the market - the 'typical time on market' for unsold property - has plummeted by 18 days to a median of 77 days, indicating a surge in demand.
Bank rates remain low, and mortgage rates are below the Bank of England base rate, suggesting a rate cut may be on the cards. Moreover, the stability of UK banks is tied to the health of the property market.
Overall, the current market climate is one of optimism, with confidence returning and buyers firmly back in the game. Despite some doom and gloom predictions, it seems that it is business as usual for property investors in the UK.