New data from the UK’s biggest property website, Rightmove, has revealed that national asking rents have hit a new record during the period between 1st January and the 31st March 2022.
With tenant demand up 6% and available properties down by 50% compared to last year, it is currently the most competitive market ever. For every new property which becomes available, there are more than triple the amount of tenants enquiring. Since the start of 2022, we have had over 1,000 new applicants register, giving landlords more choice of suitable tenants.
This imbalance between high tenant demand and low numbers of properties available continues to drive growth in asking rents. Average asking rents have risen from £982 per calendar year (pcm) to £1,088 pcm over the last year, taking the annual growth in asking rents above 10% for the first time.
Despite the mismatch of tenants enquiring and rental properties available, there are some positive signs of improvement with the number of new rental properties becoming available. During the period between 1st January and the 31st March 2022, we saw a 250% increase in the number of rental valuations booked and a 400% increase in the number of rental properties becoming available.
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.