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.

Content Source: information.sky.com