The common asking hire for properties each inside and out of doors of London have hit a brand new file excessive, based on a property web site.
Data from Rightmove exhibits tenants outdoors of London are being requested to pay a mean £1,231 monthly, with properties inside London reaching a file of £2,567.
For the second quarter of 2023, hire outdoors the capital has elevated by £308 (33%) from the identical interval in 2019, the place the typical worth monthly was £923.
Similarly, London asking rents have elevated by £559 (28%) in 4 years.
The asking hire of a property is the value listed by the owner.
“Average asking rents for new tenants have risen at a rapid pace since the pandemic, reflecting the significant increase in demand,” Rightmove’s director of property science Tim Bannister mentioned.
He mentioned demand is being pushed by a change in housing wants, resembling area to make money working from home.
In addition to hire will increase, the typical time it takes to discover a tenant is 17 days, the quickest time recorded in Rightmove knowledge since November 2022.
There are additionally much less rental properties available on the market, as landlords promote up.
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Around 16% of properties at the moment on the market had been beforehand out there on the rental market, up from 13% in January 2019, Rightmove mentioned.
“Some highly leveraged landlords are considering selling due to interest rate rises, but we find most are mortgage-free, and in most cases our advice is to avoid a knee-jerk reaction,” Allison Thompson, nationwide lettings managing director of Leaders Romans Group mentioned.
Source: information.sky.com”