Private rents in Britain rise at fastest rate on record
London is the city with the highest private rents in the UK.
Private rents in Britain are rising at their fastest rate on record, adding pressure on households feeling the strain of the cost of living crisis.
The average advertised rent outside of London is 9.9% higher than a year ago, as renters making plans for post-pandemic life jostle for properties, according to the website Rightmove.
Meanwhile, rents in London have hit a new record and are higher now than before the start of the pandemic after a rebound in demand fueled by a gradual return to the workplace and more foreign students looking for a place to live.
The average rent advertised outside of London is £1,068 per calendar month, Rightmove said. In London, it is £2,142.
The increases have been attributed to a mismatch between the number of renters looking for a place and the stock of available properties. Renter demand is 32% higher than this time last year, but the number of available properties is 51% lower, the website said.
“The imbalance between high tenant demand and low rental stock is supporting demand for rent increases and has led to competition among tenants for available rental properties nearly doubling compared to the same time last year. past,” a spokesman said.
During the pandemic, some tenants left London and other big cities after reassessing their lifestyle and deciding they wanted to live in the suburbs or the countryside, or somewhere with more open space.
Rightmove named a series of “rental hotspots” that had seen typical rents increase by 14% to 20% in a year. They include three Kentish seaside towns: Ramsgate, Chatham and Folkestone, and places like Ascot in Berkshire and Bridgwater in Somerset. The website predicts a further 5% increase in average rents applied for this year.
A separate investigation found that some landlords were raising rents “to cover the increased tax burden” they faced.
Over the last several years, many amateur homeowners caught up in the buy-to-let boom have left the market due to regulatory and tax changes that, in some cases, have hurt profits. One in four landlords have raised rents in response to tax changes that were phased in between 2017 and 2020, according to research by Landlord Works, a platform run by building society Nationwide.
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