Rents grow at the fastest annual rate in 16 years

Rental Trends

Average asking rents outside London hit another new record of £1,126 p/m, up 3.5% vs. last quarter and 11.8% vs. last year.

Average asking rents outside London have jumped 19% (+£177) in the two years since the pandemic started, the same growth in rents that took eight years pre-pandemic to reach.

This quarter’s 3.5% jump in asking rents is the second highest in ten years.

The number of new rental properties coming to market is improving but is still down on last year’s levels.

Rental demand is up 6% compared with last year and available properties are down 26%.

Average monthly rental payments are now 40% higher than they were ten years ago, while average mortgage payments for the same properties are up 13%.

Despite challenges, more landlords are planning to expand their portfolios in the coming 12 months (34%) than reduce them (11%).

Rental Trends Tracker Q2 2022
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Image credit; Rightmove

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