The average rent being asked outside London has hit a new record of £1,314 per month, with each property typically receiving 17 inquiries from prospective tenants, according to a website. A year ago, the average monthly advertised rent across Britain, excluding London, was £1,231, Rightmove said. Advertised rents in London have also risen to a record of £2,661, up from £2,567 a year earlier.
Despite overall rental supply slowly improving from last year, the number of available properties is still below pre-coronavirus pandemic levels, Rightmove said. Its latest rental figures cover the second quarter of 2024. Rightmove’s director of property science Tim Bannister said: “With 17 inquiries for every available rental property, the market remains out of balance and difficult for tenants.
“We need landlord investment to increase stock and help achieve a healthier supply and demand balance in the market. Asking prices drop by 0.4% this month to £373,493, a bigger July drop than usual, as new sellers try to cut through the distractions of the General Election, sporting events and summer holiday season with a tempting price.
📉 pic.twitter.com/t6CyrWk7aJ — Rightmove (@rightmove) July 15, 2024 “Support for both tenants and landlords will be key to achieving long-term stability in the rental market.
” Richard Lane, chief client officer at debt help charity StepChange, said: “Our research shows that many tenants’ financial situations are becoming increasingly precarious – one in three (31%) private renters has used credit to afford their rent in the past year, while one in two (50%) private renters is finding it difficult to keep up with bills and credit commitments.” He added: “For those facing rental arrears or financial difficulty, there is specialist support out there for you. A debt advice charity like StepChange can work through your budget and assess where you can make savings to pay towards your rent, which is considered a priority debt.
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