Rents reach another new record as Tenants pay £400 a month more than five years ago 📈
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Rents reach another new record as tenants pay £400 more than five years ago 📈
🔹 The average advertised rent of homes outside of London has risen to another new record this quarter of £1,365 per calendar month (pcm), but the yearly pace of rent growth continues to slow:
🔹 London rents also reach a 15th consecutive new record of £2,712 pcm this quarter
🔹 Five years on from the pandemic, new tenants are paying over £400 more per month on average in rent:
🔹 This 44% increase in rents compares to a 36% increase in average earnings over five years
🔹 Best balance between supply and demand in five years as market continues to cool from pandemic frenzy:
🔹 The number of available properties to rent is now 15% higher than at this time last year
🔹 The number of prospective tenants looking to move is 10% lower than the same period last year
🔹 The average number of enquiries per typical rental property is now 11, with tenants competing with fewer other tenants for each property available as supply increases
🔹 The latest snapshot of buy-to-let lending from UK Finance shows that there has been a 17% increase in total number of loans to property investors, including a 28% uplift for new rental home purchases
🔹 Homes are taking longer to let and are more likely to be reduced in price as tenant choice increases:
🔹 It’s taking an average of 25 days for a rental home to be marked let agreed on Rightmove, up from 21 days last year and 18 days during the pandemic frenzy at this time in 2022
🔹 Nearly a quarter (24%) of rental homes see a reduction in price during advertising, the highest this figure has been since 2017
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📸 Lisa Dahl-Parsisson, Head Valuer and Asset Manager at Cavendish Residential 📸
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