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UK Rental Market Booming with Record Rents and 17 Enquiries Per Property

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    Average Rents Outside London Hit New Quarterly Record

    The latest market analysis from Rightmove reveals that the average advertised rent outside of London has hit a new quarterly record of £1314 per month. This is nearly 7% higher than last year’s figure of £1231 and an increase of 1.8% compared to the previous quarter.

    London rents have also surpassed the previous record and are now around 4% higher than last year, standing at £2661.

    While this is down from the peak of 16% in 2022, supply is still stretched, meaning rental inflation is likely to continue in the foreseeable future unless there is a significant injection of new stock into the market. These latest figures underscore the need for greater investment from the buy-to-let property sector and other parts of the property industry.

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      Properties Receiving Double the Enquiries Compared to 2019

      On average, each available rental property attracts 17 enquiries. This is down from 26 in 2023 but still more than double the 8 enquiries recorded in 2019. This is due to the ongoing supply-demand imbalance in the private rental sector.

      Overall rental supply has slowly improved compared to last year and is now up 14%, but the number of available rental homes is still 20% below pre-pandemic levels, keeping supply stretched.

      Similarly, tenant demand is down 16% compared to last year, but contrasted to 2019 levels, 22% more are in the market for a rental property, showing how busy the current market is compared to historical averages. Growing rents and strong demand are some of the main reasons to invest in a buy-to-let.

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      What Next for the UK Rental Market?

      Given the extreme supply-demand imbalance, Rightmove suggests that landlords need more support to encourage investment in good-quality rental homes. They also note that the new government has shown early positive signs regarding improvements in the rental sector for tenants.

      Rightmove states that normalising the market still needs to be done, and they believe around 120,000 more rental properties are needed to bring rental price growth back to ‘normal’ levels based on current demand.

      Rightmove’s Director of Property Science, Tim Bannister, says: “With 17 enquiries for every available rental property, the market remains out of balance and difficult for tenants. We need landlord investment to increase stock and help achieve a healthier supply-and-demand balance in the market. There is an opportunity to encourage landlords to continue to invest in good-quality homes, for example, through tax changes, incentives to help with energy-efficient upgrades or a general sentiment change in government towards working alongside and with landlords.”

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      Author

      Jessica Ferris

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      Jessica Ferris is a property writer at RWinvest, helping our readers stay ahead of property market trends with the latest news and statistics.

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