The average monthly rental rates in London continue to climb, while prices outside the capital have soared to unprecedented levels, according to Rightmove.
Outside London, the average monthly rent now stands at £1,316, marking a seven percent increase from the previous year, as reported by Rightmove’s analysis for May.
Meanwhile, within London itself, the average advertised rent has risen to £2,652 per month, reflecting a four percent increase year-over-year.
Ahead of the General Election, Rightmove has called on the incoming government to prioritize initiatives that accelerate housebuilding and incentivize landlords to invest in more rental properties. This, they argue, would help address the supply-demand imbalance in the rental market and stabilize annual rent growth.
While the pace of rental price increases has moderated since peaking at 12 percent two years ago, it remains well above the pre-pandemic norm of around two percent per year. Rightmove attributes this moderation in London to improved supply-demand dynamics, whereas Scotland currently faces the greatest challenges with supply-demand imbalances.
Tim Bannister, a property expert at Rightmove, emphasized the need for improvements in the planning process and increased housebuilding to alleviate pressures in the rental market. Nathan Emerson, CEO of Propertymark, echoed these sentiments, advocating for reforms to the tax system to incentivize investment in the private rental sector and potentially lower rents in the long term.
For more detailed insights into regional rental trends, including specific figures and annual increases, Rightmove’s data highlights notable increases in regions such as the North East, West Midlands, and Scotland.
As the election approaches, stakeholders are keenly watching developments in housing policies that could influence the rental market’s future trajectory.
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By Benjamin
The average monthly rental rates in London continue to climb, while prices outside the capital have soared to unprecedented levels, according to Rightmove.
Outside London, the average monthly rent now stands at £1,316, marking a seven percent increase from the previous year, as reported by Rightmove’s analysis for May.
Meanwhile, within London itself, the average advertised rent has risen to £2,652 per month, reflecting a four percent increase year-over-year.
Ahead of the General Election, Rightmove has called on the incoming government to prioritize initiatives that accelerate housebuilding and incentivize landlords to invest in more rental properties. This, they argue, would help address the supply-demand imbalance in the rental market and stabilize annual rent growth.
While the pace of rental price increases has moderated since peaking at 12 percent two years ago, it remains well above the pre-pandemic norm of around two percent per year. Rightmove attributes this moderation in London to improved supply-demand dynamics, whereas Scotland currently faces the greatest challenges with supply-demand imbalances.
Tim Bannister, a property expert at Rightmove, emphasized the need for improvements in the planning process and increased housebuilding to alleviate pressures in the rental market. Nathan Emerson, CEO of Propertymark, echoed these sentiments, advocating for reforms to the tax system to incentivize investment in the private rental sector and potentially lower rents in the long term.
For more detailed insights into regional rental trends, including specific figures and annual increases, Rightmove’s data highlights notable increases in regions such as the North East, West Midlands, and Scotland.
As the election approaches, stakeholders are keenly watching developments in housing policies that could influence the rental market’s future trajectory.