Rents have grown at the fastest rate in 16 years

19 August 2022

New research published by the online real estate portal, Rightmove, has revealed that rental prices have grown at their fastest yearly rate in over 16 years.

The average asking rents outside of London have leapt to £1,126 per month by the end of June, having risen 11.8% year-on-year and 3.5% since the end of March. The most drastic increases were found in Manchester (+23%), Chatham (+21%), Liverpool (+19%) and Weymouth (+19%).

Rents in London have also hit a new record of £2,257, having risen 15.8% year-on-year. These figures show that rents have increased by about 19% since the start of the pandemic in 2020.

These increases are an outcome of a shortage of available housing and an increase in demand. According to the findings, available properties have dropped by 26% while demand is up by 6% in the past year alone.

Although these figures look dim, Rightmove is optimistic about the future, predicting that the number of available listings will steadily increase for the remainder of the year. There have also been legislative actions by some councils to deter holiday lets and increase the number of homes available to rent.

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