Average rents in the UK property market have hit a new all-time record of £1,088 per calendar month, according to property portal Rightmove, an incredible +10.8% higher than last year and +15% higher than pre-pandemic levels.
Property portal Rightmove has reported the most competitive market ever for tenants in their quarterly Rental Trends Tracker, registering an increase in tenant demand by 6%, whilst the number of available properties on the market is down by a staggering 50% on the previous year. As the imbalance between soaring tenant demand and the declining number of properties available continues to drive growth in asking rents, many tenants in the market are facing the most competitive rental market ever recorded. With more than triple the number of tenants enquiring for places to rent, there are rental properties available – meaning landlords can have more choice between the suitable tenants applying for their properties.
“There are several factors affecting supply and demand. On the supply side, we’re hearing from agents and landlords that tenants are signing longer leases, which has prevented some of the stock that would normally come back onto the market from doing so.” Tim Bannister, Rightmove’s Director of Property Data.
Asking rents across the entire country have increased, with nine regions recording an increase of more than 10% compared to the previous year, and Manchester topping the list of top 5 rental price hotspots, with asking rents (rental yield) increasing by an incredible +19.3% compared to last year in the city. Tenant demand and asking rents have also increased in the surrounding areas of Manchester as people flock to both the city, and it’s neighbourhoods.
To capitalise on the surge in tenant demand in the UK’s most popular city, get in touch with one of our expert property consultants today.