National average asking rents hit another new record

The Rightmove rental trends tracker has revealed rents have grown at the fastest annual rate in 16 years.

Following on from increases throughout Q1 of this year, Rightmove has now revealed that national asking rents outside of London have hit another new record for Q2. Average asking rents have risen from £1,088 pcm in Q1 to £1,126 pcm in Q2, taking the annual change in national asking rent for all property types to 11.8%.

Whilst we have seen an increase in the number of valuations and listings in Q1 and Q2, the imbalance between high tenant demand and low numbers of properties available is continuing to drive growth in asking rents. The current average rental price in the East of England is £1,376 pcm.

Despite challenges such as legislation changes and potential updates to EPC requirements, a third of landlords recently surveyed have said they plan to expand their property portfolio.

This should be good news for those looking to rent, as it is hoped this may help to narrow the gap that has been created between supply and demand over the last two years.

If you are currently on the market or are thinking of selling or letting your home, call your nearest team or use our Free Instant Online Valuation tool to get an idea of what your property might be worth.