LONDON (Reuters) – Landlords in Britain increased the rents they advertise to new tenants by the most on record in 2021, according to a survey published on Thursday that underscored the growing cost-of-living squeeze facing many households.
Average residential rents for homes advertised on property website Rightmove during the three months to December 2021 were 9.9% higher than in the same quarter a year earlier, the biggest rise since the data series began in 2011.
In London, where rents plunged by more than 6% in late 2020 as the pandemic hit demand in big cities, they rose by 10.9% over the past year to stand 3% above their level shortly before the coronavirus pandemic swept Europe.
Rightmove said it predicted asking rents across Britain would rise by a further 5% in 2022, pushed up by lack of available properties for renters.
Last week, the Royal Institution of Chartered Surveyors said it also expected a rise in rents this year.
Data from Britain’s statistics office shows private rental prices across the United Kingdom rose by 1.8% in the 12 months to December, the fastest increase since mid-2017. That measure covers all rental contracts, not just new ones.
Rents advertised on Rightmove do not necessarily reflect the final rent negotiated by the landlord and tenant.
(Writing by William Schomberg; editing by David Milliken)