With fewer rental property stock available in most areas, there is a large mismatch between supply and demand. Rental prices rose by 5.3% on average in the year, via ONS.
Competition among renters is so high that there are on average 20 requests to view available property- with many renters offering above market rates to secure their dream rental.
As seen above, the last 4 years have seen a drastic spike in demand for rental property. Nationwide demand has spiked, with the average rising from 6 viewings to 20 viewings per property- with the North West now averaging 30 viewings per property! The North East saw the largest percentage increase, with average viewing enquiries up by over 500%!
lack of supply is causing skyrocketing rents
The 5.3% increase in private rent represents the highest annual percentage increase in rent since records began in 2016. The Royal Institution of Chartered Surveyors (RICS) have also reported a decrease in landlord instructions and have noted that rental prices are expected to further increase over the next three months.
The head of residential research at Knight Frank, Tom Bill said: “This squeeze on tenants will not end any time soon. It is an imbalance compounded by the fact landlords now face higher mortgage rates”.
Which areas are the worst affected?
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