London rents rise to record high for 14th consecutive month

Read more: 9 personage homes with prima quality

Chippenham successful Wiltshire has emerged arsenic the country's rental terms hotspot, with rents up 16.4% from £930 to £1,082. Stockport, Greater Manchester, has besides seen important rent increases, up 16.1% from £982 to £1,141.

Over the past 5 years, rent increases person outpaced wage growth. Since 2020, mean net person risen by 31%, portion rents person jumped by 40%.

Rightmove’s spot adept Colleen Babcock said: “The rental marketplace is inactive truly busy, and arsenic the determination representation shows, it’s apt to consciousness adjacent busier successful immoderate areas of Great Britain than others. It’s bully quality for tenants that connected the whole, the equilibrium betwixt proviso and request is improving.

"This is having a knock-on effect connected rental prices, with rents expanding much dilatory and much landlords reducing their advertised price.”

While the wide rental marketplace shows signs of cooling, the fig of tenants seeking to determination is inactive 10% higher than pre-pandemic 2019 levels. In contrast, the fig of disposable rental properties remains 33% lower, highlighting the ongoing supply-demand imbalance.

This has led to rental homes successful Great Britain receiving an mean of 12 enquiries this 4th — inactive much than treble the 5 enquiries seen successful the archetypal 4th of 2019, though down from 16 astatine the commencement of past year.

Regional variations are besides astatine play, with immoderate areas experiencing higher request than others. London, for example, has the champion equilibrium of proviso and demand, though a emblematic rental location inactive receives 8 applications. In the North West, however, the contention is fiercer, with 18 enquiries per property.

Christian Balshen, lettings adept astatine Rightmove said: “I don’t expect the Renters’ Rights Bill to person overmuch of an interaction connected marketplace activity, but determination are a batch of wider implications for tenants and landlords. The banning of rent successful beforehand for example, whitethorn marque it much hard for immoderate types of tenants to unafraid a home, peculiarly successful high-demand areas. Supply and request successful the rental marketplace is truly varied astatine the infinitesimal crossed Great Britain. The fig 1 happening landlords volition inactive want, is simply a good, reliable, semipermanent tenant, and there’s apt to beryllium adjacent much accent connected this erstwhile the Bill comes into effect.”