Rightmove reveals average rents in London and Britain overall

Average rents in London and Britain overall revealed by Rightmove

Data on Rightmove, a property website, revealed that they are receiving an average of 25 inquiries; however, the same data also reveals that many tenants find it “very difficult” to navigate the market.

The average rent outside London has again reached a record high, with monthly bills of £1,278, as per the data.

After breaking records for 15 straight three-month periods, average advertised rents outside of the capital reached their most recent high, according to Rightmove data for the July–September quarter.

It indicates that the advertised monthly rent today is 10% greater than it was a year ago.

Additionally, average London rentals have reached a record high of £2,627 per month, up 12% from a year ago.

It significantly exceeds the general consumer price index gauge of inflation, which in the year leading up to August was 6.7%. During this time, average wages increased by 7.8%.

Rightmove’s rental trends tracker shows that each advertised rental property receives 25 inquiries on average. The eight inquiries about properties received during the same period in 2019, before the pandemic, had more than tripled.

The persistent mismatch between supply and demand—where there are more potential renters than there are properties—can be attributed to the increase.

According to Rightmove, there are 41% more tenants on the market now than there were in pre-pandemic 2019, yet there are 35% fewer properties available.

However, things have improved, with the greatest annual increase of rental properties coming to market since November 2022—a 7% increase over this time last year, according to Rightmove.

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

“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.”

Property rentals and sales are both available on Rightmove. Rental property phone and email enquiries as well as viewing line-ups, are compiled as part of the rental trends tracker.

- Published By Team Timeswire

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