Average asking rents for properties in and outside London have hit a new record high, according to a property website.
Rightmove’s data shows tenants from outside. London With an average of £1,231 being asked to pay per month, properties within London reached £2,567.
For the second quarter of 2023, rents outside the capital rose by £308 (33%) from the same period in 2019, where the average monthly price was £923.
Similarly, London asking rents have increased by £559 (28%) over four years.
The property’s asking rent is the price listed by the landlord.
Tim Bannister, director of property science at RightMove, said asking rents for new tenants have risen sharply since the pandemic, reflecting a significant increase in demand.
He said demand is being driven by changing housing needs, such as work-from-home space.
In addition to rent increases, the average time it takes to find a tenant is 17 days, the fastest time recorded in RightMove data since November 2022.
There are also fewer rental properties on the market, as landlords sell.
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About 16% of properties currently for sale were previously available in the rental market, up from 13% in January 2019, RightMove said.
Alison Thompson, managing director of national lettings at Leaders Rooms Group, said: “Some highly leveraged landlords are considering selling due to rising interest rates, but we think most are mortgage-free, and in most cases our advice is to avoid a knee-jerk reaction.”
Source by [Sky News]
