The average asking price across the UK based on the available stock is now £1,829 per month according to property consultancy TwentyCi. This figure is significantly higher than market snapshots from other sources in the industry.
This is an increase of £178 per month since Q1 2023 and £500 extra per month since Q3 2019.
It says the significant shortage of rental properties compared to the demand remains a driving force behind the increase in rental rates.
“The departure of many landlords from the market due to tax and regulatory changes has resulted in a further decrease in available properties. Additionally, as interest rates rise and energy costs remain uncertain, we anticipate landlords passing on these increases to tenants through rent hikes” the consultancy’s latest market snapshot says.
Other than Scotland, all regions and major cities across the UK have seen a significant increase in the number of Let Agreed properties.
The volume of Lets Agreed has risen by 2.8 per cent in the last year but has fallen 18% since the pre-pandemic year of 2019.
The slight rise in supply is driven by sellers not finding a buyer and electing to rent; tenants moving to other locations; and possibly landlords entering the market based on the returns that can be made at the higher rent levels.
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