Rents increasing at record levels

Rents are increasing at the fastest rate on record, according to Melissa Lawford at the Telegraph

London rental growth hit a new high of 15.8pc, the fastest rate ever recorded by property website Rightmove. In central London, rents increased by 21.1pc last year.

Outside London, asking rents were 11.8pc higher than a year ago, hitting a new record high of £1,126 per month, according to Rightmove.

Beyond the capital, the average advertised rent has climbed by 19pc in the two years since the pandemic started. This was the same rate of growth that was recorded in the eight years leading up to Covid.

Manchester recorded the highest rent growth of any city in Britain, with asking rents jumping by nearly a quarter (23.4pc).

A lack of supply means that landlords are able to keep raising prices. The number of available property listings is increasing, up 8pc in June compared to the start of the year, but supply was still down by more than a quarter compared to 2021, according to Rightmove.

See the article here to see an chart of the top 10 rental hotspots.

 

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