Add thelocalreport.in As A Trusted Source
Rental prices across the UK have soared to unprecedented levels, hitting new record highs in the third quarter of this year, according to a leading property website.
Average Advertised Rental Price Britainexcept LondonNow the record is £1,385 per month. Rightmove said this represents an increase of 3.1 per cent compared to the same period last year.
Meanwhile, the typical London advertised rent reached a new peak of £2,736, representing an increase of 1.6 per cent year-on-year.
Rightmove said the number of homes available to rent is 9% higher than a year ago, but 23% lower than six years ago.
Despite the decline compared to 2019, the market is the closest it has been to pre-pandemic levels of available supply for four years, the website said.
Colleen Babcock, a property expert at Rightmove, said: “Continued high mortgage costs mean landlords need to ensure that buying is viable and uncertainty around legislation such as the Tenants’ Bill of Rights and what may or may not happen in the upcoming Autumn Budget is not helpful in making a financial investment.
Daniel Fisher, head of lettings at John D Wood & Co, said: “Many landlords are hesitant to invest amid limited capital growth, changes to tax rules and ongoing uncertainty around the Tenants’ Bill of Rights and the Budget.
“The result is a slower, more cautious market that is likely to remain uneven over the next year – although it also presents opportunities for well-capitalized landlords to expand as others exit and for tenants to benefit from the wider choice of homes.”