Drop in available rental properties pushes asking rents to record high.
- Average asking rents outside London have hit over £800 per month for the first time, fuelled by fewer available rental properties for prospective tenants to choose from:
- The quarterly rent rise of 0.8% is the biggest jump recorded at this time of year since 2015
- There are 8.7% fewer rental properties marked available compared to this time last year
- A 14% drop in mortgage approvals for new buy-to-let purchases compared to the same period last year has contributed to the lack of choice
- In London, the number of available rental properties is down by 19.4%, with agents finding tenants four days quicker for landlords’ properties than a year ago.
Courtesy of Rightmove.