The rents throughout the United Kingdom decreased slightly for the first time in more than five years – although tenants in London are still wearing new levels, according to new data from Rightmove.
Outside of capital, the announced rental prices decreased by 0.2 % to 1,341 pounds per month, the first such decrease since late 2019.
Although the monthly team is only 3 pounds, Rightmove describes it as a “major landmark”, which reflects a great balance in improving supply and demand in the rental market. The rents are still 4.7 % higher than last year, but this is much lower than the peak of 12 % inflation in 2022.
Kullen, Babkok, the head of commercial marketing at Rightmove, attributes more rented real estate entering the market – by 13 % last year – while the number of potential tenants decreased by 16 %. Northeast England led the road to growth. Babcock believes that some former tenants have moved to the ownership of the house, thanks to the installation of mortgage rates and the growth of the slowdown in homes.
However, the demand for rental homes remains at a weak prenatal base, as each drug attracts about ten applicants on average. This constant defect pushed the rents up 64 % outside London since the first lock in March 2020. During the same period, London rents increased by 28 %.
In contrast to the modest decline elsewhere, the average rental in the capital has risen to 2,695 pounds per month, which represents new levels in every quarter since late 2021. However, the annual increase of 2.4 % is the least in the four Almost years.
“We are witnessing a cooling market for a mirro -leasing market,” said Alex Bluxham, the head of the residential letters at Bidwells, who notes that any continuous improvement in the offer should put down downward pressures on rents.
Meanwhile, the draft law of rented tenants proposed to the Labor Party, which aims to enhance the security and rights of tenants, can be submitted later this year. Some owners have expressed their concerns about these reforms, but the truth says that he has not noticed any immediate impact on the current market conditions.
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