The average monthly rent outside London has reached a record high of £1,316, according to a property website. Rightmove's analysis for May shows that this new record across Britain, excluding London, represents a roughly 7% increase in average advertised rents compared to the previous year. In London, the average advertised rent is now £2,652 per month, marking a 4% increase from a year earlier, the website reported.
Tim Bannister, a property expert at Rightmove, said: “We’ve been talking about the imbalance between supply and demand in the rental market for a long time now, so it’s easy to forget that there was a time before the pandemic where rental price growth was more stable.” He added: “The next government should be prioritising an improvement to the planning process, an acceleration of house building, and encouraging more supply into the rental market.
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Source: BelfastLive - 🏆 16. / 77 Read more »