Read the latest quarterly Rental Trends Tracker
Headlines from the October report:
Rents hit another new record:
- Average advertised rents outside London hit a 19th consecutive quarterly record of £1,344 per calendar month (up 5.2% vs last year).
- London rents also hit a new record at £2,694 per calendar month (2.5% increase vs last year).
- Both in London and outside the capital, the pace of annual rental price growth continues to slow.
Balance between supply and demand improving:
- The average number of enquiries per rental property is now 15, down from 23 last year, but nearly double the 8 recorded in 2019.
- Available supply has increased by 13% year-on-year, though it is still 27% below 2019 levels, highlighting continued pressure on rental availability.
- More than a fifth of rental properties are currently seeing a reduction in the advertised rental price before finding a tenant, compared with 16% last year.
Record proportion of former rental homes now for sale:
- It appears some landlords are bracing for a potential Capital Gains Tax rise in the Autumn budget, as well as new EPC regulations, as a record proportion of former rental homes are now on the market for sale.
- Rightmove hopes to see measures from the government that encourage landlords to stay in the market, and help them with the transition to greener homes.
For more details, including regional trends in price, yield, supply and demand, read the full report:
The rental market at-a-glance:
“We are seeing some landlords choosing to exit the market with potential tax changes and stricter EPC regulations as additional factors in landlords’ decision-making. With rental supply under strain, incentivizing landlords to invest in energy-efficient upgrades or offering tax relief could help maintain rental supply and, ultimately, ease affordability pressures for tenants.”
Tim Bannister, Rightmove’s property expert
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Rental Price Tracker
Our quarterly update on the latest stats, insight and trends for the British rental market.
Rental tracker