🏡💷 Swipe right on these rental prices! The property market is reaching new heights as average asking rents across Britain surged to an all-time high of £1,577 per month in August. That’s a 3% increase in just a year, according to Rightmove. 📈
What’s the buzz? Well, the supply of rental homes is up 8% compared to last year but still 27% lower than pre-pandemic August 2019. Yikes! So, even with more options now, renters might still find themselves facing record-high prices.
Where’s the heat? North-west England wins the gold, with a whopping 10% increase in average rents. Meanwhile, Londoners are seeing a more modest rise of 2%.
Colleen Babcock, a property guru at Rightmove, highlights some hurdles: “There’s more choice for renters, but high rents are keeping some options limited.” Plus, landlords are feeling the squeeze too with recent tax changes. “We need to keep being a landlord attractive; otherwise, tenants could be the ones really losing out.”
Here’s how rents are stacked up across regions in August:
– East Midlands: £1,134, up 2.3%
– East of England: £1,599, up 2.5%
– London: £2,699, up 2.0%
– North East: £918, up 2.9%
– North West: £1,278, up 9.7%
– Scotland: £1,141, up 2.4%
– South East: £1,828, up 2.4%
– South West: £1,461, up 2.1%
– Wales: £1,107, up 2.6%
– West Midlands: £1,196, up 2.5%
– Yorkshire and the Humber: £1,051, up 2.5%
Share your rental experiences and join the conversation below! 🗨️✨