The UK lease prices reached new heights, with London running on the road with a record £ 2,698 a month. This marks the 14th consecutive month of new rental records for the capital.
Outside London, the average advertising rent also increased, rising to £ 1349 a month, another new peak.
The figures from the RIGHTMOVE (RMV.L) ownership site have shown that the average advertising rent in London is already 2.5% higher than this time last year, despite the increase in home rental supply. In March, the number of new properties coming to the market is 11% higher than last year, while the total availability of homes for rent is 18% above the levels of 2024. And yet, the number of future tenants who want to move is 7% more low than last year.
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Chippenham in Wiltshire is emerging as a hot rental point at a rental price, with rents by 16.4% from £ 930 to £ 1.082. Stockport, Big Manchester, also marked a significant increase in rents, which is 16.1% from 982 to 1141 British pounds.
In the last five years, the increase in rents has outpaced the growth of wages. Since 2020, the average profits have grown by 31%, while the rents have jumped by 40%.
Rightmove property expert Colin Babkok said: “The rental market is still really busy and as the regional picture shows, it will probably feel even more busy in some areas of the UK than others. This is good news for tenants that the balance between demand and supply is generally improved.
“This has a knockout effect on rents prices, with rents increasing more slowly and more landlords reducing their advertised price.”
Although the common rental market shows signs of cooling, the number of tenants wanting to move is still 10% higher than the 2019 pandemic levels. In contrast, the number of available properties remains 33% lower, emphasizing the current imbalance of demand demand.
This led to housing in the UK, which received an average of 12 inquiries during this quarter – even more than double the five inquiries observed in the first quarter of 2019, albeit reduced from 16 at the beginning of last year.
Regional variations are also played, with some areas experiencing more demand than others. London, for example, has the best balance of supply and supply, although the typical rental home still receives eight applications. In the northwest, however, the competition is more fierce, with 18 inquiries of the property.
Christian Balshen, the expert Poles in Rightmove, said: “I do not expect the tenants’ rights bill to have a big impact on market activity, but there are much broader consequences for tenants and landlords. You want a good, reliable, long-term tenant and there will probably be even more emphasis on the bill.