GEIS-新闻详情

Average monthly rents ‘hit record high’ as estate agents get ‘11 inquiries per home’

2024-01-26 00:00:00.0 独立报-英国新闻原网页

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email

Please enter a valid email address

I would like to be emailed about offers, events and updates from The Independent. Read our privacy notice

Thanks for signing up to the

Morning Headlines email

{{ #verifyErrors }} {{ message }} {{ /verifyErrors }} {{ ^verifyErrors }} Something went wrong. Please try again later {{ /verifyErrors }}

The average monthly rent being asked outside London reached a record ￡1,280 in the final quarter of 2023, according to a property website.

Rightmove, which released the index covering Britain, said agents are receiving 11 inquiries typically per available rental property.

But it added that 2024 is expected to be a year when the pace of rental growth slows down.

A 0.2 per cent quarterly increase in asking rents in the last three months of 2023 was the smallest jump since 2019, indicating that the pace of rent rises is slowing.

There have also been signs that more tenants are hitting the limits of what they can pay, with nearly a quarter (23 per cent) of rental properties needing a reduction in advertised rent, compared with 16 per cent a year earlier.

RECOMMENDED

Your Norovirus questions answered as cases spike across the UK

Undo

Trump fuels cognitive concerns with garbled ‘death penalty’ remark

Undo

Mrjoint Relief

Breakthrough Shoulder Relief Device Has Taken The World By Storm.Mrjoint Relief| Sponsored Sponsored

Undo

CompareCredit

2 Cards Charging 0% Interest Until 2025CompareCredit| Sponsored Sponsored

Undo

Advertised rents in the final quarter of 2023 were, on average, 9.2 per cent higher than a year earlier.

Despite being a significant increase, Rightmove said it was the lowest annual growth in rents seen since 2021.

In London, asking rents also hit a record high, at ￡2,631 per month on average. This was a 0.2 per cent quarterly increase, and 6.1 per cent higher than a year earlier.

Promoted stories

Mazda CX-50

Has Mazda Done It Again? New CX-50 Will Leave You Flabbergasted (Take a Look)Mazda CX-50

Undo

by Taboola by Taboola

Sponsored Links Sponsored Links

Promoted Links Promoted Links

Rightmove said it is the first time that annual growth in asking rents in London has been in single digits since 2021.

The property website predicts that rents will be 5% higher outside London by the end of 2024, and 3 per cent up in London.

Rightmove, which released the index covering Britain, said agents are receiving 11 inquiries typically per available rental property (Alamy/PA)

One of the main contributors to the slowing of rent rises, and the anticipation of a further slowdown in 2024, is an improvement in the balance of supply and demand in the rental market, the website said.

But it added that the rental market is still very busy compared with pre-coronavirus pandemic levels.

Rightmove’s director of property science, Tim Bannister, said: “The trend of rent growth gradually slowing continues, with an improvement in the supply and demand of rental properties having a big contribution to that.

“We can’t keep seeing double-digit rent rises every year as tenant affordability simply cannot keep up, and 2024 is the year we think there will be a much smaller increase in advertised rents of 5 per cent outside of London, and 3 per cent in the capital.”

Rightmove’s report also quoted agents’ views.

Hayley Brinn, director at the Total Letting Service, said: “The market is still really busy, and the high number of applicants per property is being exacerbated by some landlords leaving the market.

“Prices appear to be levelling out now as more choice becomes available, with tenants becoming more price-sensitive, or just reaching the maximum of what they can afford to pay. The prices of larger properties in particular are slowing down, unless the landlord accepts an offer.

“Some tenants are reluctant to move unless they have no choice, due to the risk of being charged higher rents elsewhere, while other tenants who may want to move are stuck due to their current rent being below market value, and the price gap to move to a larger house is out of their reach.

RECOMMENDED

Britney song soars back into the charts as Justin Timberlake releases new single

Undo

February 2024 dates for benefits, pensions and cost of living payments

Undo

New Mazda CX-5

Killer New Mazda CX-5 Is Sheer Perfection (Take a Look at The Prices)New Mazda CX-5| Sponsored Sponsored

Undo

Vitaletiks

Bone-On-Bone Knees? See This!Vitaletiks| Sponsored Sponsored

Undo

“Rent prices slowing this year would benefit these tenants wanting to move.”

Peter Lee, director at Redbrik in Sheffield, said: “It’s important that landlords are up to date on the latest market trends and activity in their area so that they can price accurately, and secure the best tenant for the long term, and minimise void periods.”

More about Rightmove estate agents London

Join our commenting forum Join thought-provoking conversations, follow other Independent readers and see their replies

Comments

1/ 2Average monthly rents ‘hit record high’

Average monthly rents ‘hit record high’

Rightmove, which released the index covering Britain, said agents are receiving 11 inquiries typically per available rental property (Alamy/PA)

Average monthly rents ‘hit record high’

Letting and estate agents signs outside flats on the Old Kent Road in London

CCPA Notice Promoted stories

Dr. Kellyann

Doctor Says Americans Can Lose Weight 2x Faster With ThisWeight loss after 40 comes down to this daily habitDr. Kellyann| Sponsored Sponsored

Learn More

Undo

Boite A Scoop

Remember Her? Sit Down Before You See What He Looks Like NowBoite A Scoop| Sponsored Sponsored

Undo

Health Insight Journal

Neurоpathy Breakthrough: Experts SpeechlessHealth Insight Journal| Sponsored Sponsored

Learn More

Undo

Sweet Penny Stocks

Everybody Wanted To Date Her In The 80's & This Is Her RecentlySweet Penny Stocks| Sponsored Sponsored

Undo

Today's NYC

Taylor Swift's No Makeup Photo Confirms What We Knew All Along.Today's NYC| Sponsored Sponsored

Undo

LifeTipsJournal

1 Odd Trick Restores Your Eyes To Perfect 20/20 VisionLifeTipsJournal| Sponsored Sponsored

Learn more

Undo

SportzBonanza

Kenny Chesney's Days As a Bachelor Are Over30+ Facts Showing a New Side of Kenny Chesney30+ Facts Showing a New Side of Kenny ChesneySportzBonanza| Sponsored Sponsored

Undo

TactiStaff

They Don't Want You Owning One, But It's Not IllegalEveryone loves hiking, but a few know this military hiking stick that makes hiking a piece of cake.TactiStaff| Sponsored Sponsored

Learn More

Undo

sport Rumours: Newcastle could sell Wilson this week, Arsenal receive new Smith Rowe bid

Undo

news Russia-Ukraine war plane crash: Kyiv opens criminal probe into Russian plane crash

Undo

BuzzDaily Winners

If Players Knew This They Would Never Stop PlayingBuzzDaily Winners| Sponsored Sponsored

Play Now

Undo

DERMAL

At 53, My Friend Looked Still In Her 40s. She Finally Told Me Her Trick (Try It)DERMAL| Sponsored Sponsored

Watch Now

Undo