Recent data indicates that the situation may not improve any time soon for people on the hunt for rental homes. According to property website Rightmove, the average rent for properties in London and across the UK has reached an all-time high.
For those seeking accommodation outside of London, the average monthly rent has risen to £1,231. Meanwhile, properties within London have soared to a record price of £2,567 per month. The figures, encompassing the entire UK for the second quarter of this year, reveal that the average asking rent for a typical home outside London has seen a significant 33% increase compared to the same period in 2019, rising by £308 from £923 per month.
Similarly, London rents have surged by 28% (£559 per month) compared to the same period in 2019. This indicates a challenging scenario for renters, with rental costs continuing to rise steadily over the past few years.
Furthermore, there are indications that some landlords are opting to sell their properties instead of continuing to rent them out. Currently, 16% of properties listed for sale were previously available for rent, a notable increase from the figure of 13% recorded in January 2019. This shift in the market signals a potential change in the investment strategies of property owners, possibly influenced by prevailing market conditions.