Rents at another high after 15 consecutive quarters of broken records

Rents have once more reached a brand new report excessive with month-to-month payments outdoors London averaging £1,278, in line with property web site Rightmove.

Average marketed rents outdoors the capital hit the newest excessive after breaking data for 15 consecutive three-month intervals, the Rightmove knowledge for the quarter from July to September confirmed.

It means marketed month-to-month rents are 10% greater than a yr in the past.

Average London rents have additionally risen to a report of £2,627 a month, up 12% on a yr earlier.

It far outpaces the general shopper worth index measure of inflation, which stood at 6.7% within the yr as much as August. At the identical time typical wages grew 7.8%.

Each marketed rental property is receiving a median of 25 enquiries, in line with Rightmove’s rental traits tracker. It’s greater than triple the eight enquiries properties had been getting throughout the identical interval in 2019, earlier than the pandemic.

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The rise may be attributed to the continued mismatch of provide and demand with the variety of potential tenants surpassing the variety of accessible properties.

Compared to pre-pandemic occasions (2019) the variety of tenants out there has grown 41% whereas accessible properties dropped 35%, Rightmove mentioned.

But there have been enhancements, with the largest yearly leap in rental properties coming to market since November 2022 – a 7% improve on this time final yr, Rightmove mentioned.

“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,” mentioned Rightmove’s director of property science, Tim Bannister.

“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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More folks within the UK now dwell in rented lodging than another kind of house occupancy.

Rightmove is a platform for promoting and renting properties. As a part of the rental traits tracker, rental property enquiries by cellphone and e-mail are collated as are queues for viewings.