Rents are up year-on-year across all regions, according to the property website Home.
The mix-adjusted average rise across the UK is a huge 18.8 per cent, says the website. Supply is worsening in this sector, with newly available rental properties down by 24 per cent now compared to a year ago.
Rents in Greater London continue their upward spiral. High demand and falling supply of available properties to let has pushed up annualised rental growth a striking 27.6 per cent.
The mix-adjusted average monthly rent in the capital region is now 25per cent higher than in pre-Covid June 2019.
Central London rents continue to set new records as supply plummets. Aside from the City (up 51 per cent), the greatest rises in asking rents over the last twelve months are now in Lambeth (up 44 per cent) and Hackney (up 43 per cent).
On the sales side, demand remains high and is increasing in London and the North East.
Stock levels remain very low by historic standards and consequently prices continue to rise rapidly across all regions. The supply of new instructions entering the market nudged up slightly this month as more potential vendors are tempted by record prices.
Home claims that the Bank of England’s efforts to tame inflation are not working.
“Even by their own preferred measure (the Consumer Price Index), inflation is now 4.5 times their target rate and climbing. Of course, the unprecedentedly large and widening spread between mortgage interest rates and inflation specifically incentivises highly leveraged property purchases” says the site.
