UK Rents Reach a New Record High After 13 Quarters of Consecutive Rental Growth
Published by Magnate Assets on
Apr 28, 2023
According to the latest data from Rightmove, the average asking rents for new tenants outside of London have reached a new record of £1,190 per calendar month. While this is an increase, the pace of rent growth is showing signs of slowing down, which is a positive development.
In London, the average asking rents have surpassed £2,500 for the first time, which indicates a constrained supply in the capital. However, there are encouraging signs of improvement this year, as the number of available rental properties has increased by 8% over the first three months of the year.
Although the rental market supply is still historically low, the number of available properties has risen by 6% compared to last year. The demand for rental properties remains high, but it is encouraging to see that the gap between supply and demand is starting to narrow down, albeit slowly.
Tim Bannister, from Rightmove, said that the rental market is highly competitive for tenants trying to secure a home, but homes in popular areas within an affordable asking rent range are likely to be snapped up almost immediately. While there is no significant influx of new properties becoming available to rent currently on the horizon, the slow signs of improvement are positive news for both landlords and tenants.