Connect with us

Hi, what are you looking for?

Business

Average UK rents hit record highs with £2,500 in London amid property shortage

Average rents for properties across Britain have hit a new record high, according to data from a property website showing a record £2,500 per month in London.

Rightmove said the average rent being asked outside the capital topped £1,190 per month for the first time during the first three months of the year.

It completed, the company said, a rise in rents outside London during every quarter since the end of 2019.

The main reason why rental costs have climbed so steeply has been demand outstripping the supply of available properties.

This was exacerbated last September when the financial market chaos that followed the Liz Truss government’s mini-budget prompted a temporary spike in mortgage costs.

The fallout has contributed to a sharp easing in annual house price growth.

Agents and landlords have been inundated with enquiries while some have been able to lock in longer, more lucrative tenancy agreements of up to three years due to the high demand.

Rightmove said the largest imbalance between supply and demand was in the terraced houses sector.

But it added there was evidence that the pace of rental price growth was easing due to an increase in the number of rental homes becoming available this spring.

The website’s director of property science, Tim Bannister, said: “We have seen some early signs of improvement on squeezed supply levels this year, though with no significant influx of new properties becoming available to rent currently on the horizon, the mismatch is set to continue for some time.

“Many agents are having to manage a very high volume of tenant inquiries for every property that they let in the current market.

“Properties in popular areas within an affordable asking rent range of that local area are likely to be snapped up almost immediately, and on average homes are finding a tenant much more quickly than this time in 2019.”

Read more:
Average UK rents hit record highs with £2,500 in London amid property shortage

Advertisement

    You May Also Like

    Investing

    RevisingTheBankSecrecyAct_NorbertMichelAndJenniferSchulp_CMFAWP007   The post Revising the Bank Secrecy Act to Protect Privacy and Deter Criminals (CMFA Working Paper No.007) appeared first on Alt-M.

    Investing

    Recently, an investment advisor and Bitcoin proponent tweeted the claim that “[f]or most of human history” the “[s]eparation of money and state was the...

    Business

    Rollee enables worker’s to share their professional data, spread over one or more financial platforms. Ali Hamriti, CEO and Co-Founder of Rollee, is on...

    Business

    The energy crisis means that as the price of wholesale commercial energy hits an unprecedented high, businesses must pay notably more for their energy...

    Disclaimer: successfuldealnow.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 successfuldealnow.com | All Rights Reserved