Average asking rental worth hit document excessive for properties inside and out of doors of London

The common asking lease for properties each inside and out of doors of London have hit a brand new document excessive, in line with a property web site.

Data from Rightmove reveals tenants exterior of London are being requested to pay a mean £1,231 per thirty days, with properties inside London reaching a document of £2,567.

For the second quarter of 2023, lease exterior the capital has elevated by £308 (33%) from the identical interval in 2019, the place the common worth per thirty days was £923.

Similarly, London asking rents have elevated by £559 (28%) in 4 years.

The asking lease of a property is the worth listed by the owner.

“Average asking rents for new tenants have risen at a rapid pace since the pandemic, reflecting the significant increase in demand,” Rightmove’s director of property science Tim Bannister mentioned.

He mentioned demand is being pushed by a change in housing wants, equivalent to house to do business from home.

In addition to lease will increase, the common time it takes to discover a tenant is 17 days, the quickest time recorded in Rightmove information since November 2022.

There are additionally much less rental properties in the marketplace, as landlords promote up.

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Around 16% of properties at present on the market have been beforehand accessible on the rental market, up from 13% in January 2019, Rightmove mentioned.

“Some highly leveraged landlords are considering selling due to interest rate rises, but we find most are mortgage-free, and in most cases our advice is to avoid a knee-jerk reaction,” Allison Thompson, nationwide lettings managing director of Leaders Romans Group mentioned.