Rent prices in the capital are more expensive than ever, with rents in London hitting an all-time high of £2,631 a month.
Figures for the last three months of the year are up slightly on the previous quarter, but property site Rightmove predicts London rents will rise by 3% this year.
Outside of London, the average advertised rent for new properties coming onto the rental market hit a new record of £1,280 per calendar month. Rightmove predicts that rents outside the metropolitan area will rise by 5% in 2024.
This marks the 16th consecutive year of record new advertised rental prices, as the real estate market continues to suffer from a shortage of housing to meet growing demand.
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This figure suggests that tenant demand has slowed and there has been some improvement.
The number of tenants sending moving inquiries to rental agents decreased by 13% compared to the same period last year. At the same time, the number of new rental properties coming to market is 7% higher than last year.
This means that agents currently receive an average of 11 inquiries per available rental property.
Tim Bannister, director of real estate science at Rightmove, said: “We continue to see a gradual slowdown in rental growth, driven largely by improved supply and demand for rental properties.”
“We can’t continue to see double-digit rent increases every year because tenant affordability won’t keep up. In 2024, advertised rent increases will be much smaller, at 5% outside London and 3% outside London. Possible.”Capital. “
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The data also reveals that almost a quarter (23%) of rental properties have seen their landlord reduce their posted rent, a significant increase from 16% at this time last year. This suggests that the originally advertised rents in some areas were too high. To secure tenants.
“The market remains very crowded, and with some landlords exiting the market, we are seeing an even higher number of applicants per property. “Prices now seem to be leveling off as more options become available, such as reaching 20%,” said Haley Brin, director of Total Letting Services.
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