Rightmove Reports Average Asking Rents Reach £1,172 as Rental Prices Continue to Increase

The UK rental market has been experiencing a period of sustained growth in recent years, and this trend is continuing in 2021. According to the latest report from Rightmove, average asking rents in the UK have now reached £1,172 per month, an increase of 3.2% compared to the same period last year. This marks the highest level of average asking rents since the company began tracking rental prices in 2008.

The report also found that the average asking rent for a two-bedroom property had increased by 4.2% to £958 per month, while the average asking rent for a three-bedroom property had increased by 2.8% to £1,192 per month. The figures show that rental prices are continuing to rise across the UK, with London seeing the highest levels of growth.

The report also revealed that the number of new rental properties coming onto the market had decreased by 5.3% compared to the same period last year, suggesting that demand is outstripping supply. This is likely to be a result of the pandemic, which has caused many people to reassess their housing needs and look for more affordable options.

The findings of the report are likely to be of concern to tenants, as it suggests that rental prices are continuing to rise at a faster rate than wages. This could make it increasingly difficult for people on low incomes to find affordable housing. It is also likely to put further pressure on landlords, who may struggle to keep up with rising costs.

The government has recently announced plans to introduce a new Renters’ Reform Bill, which aims to give tenants greater security and protection from eviction. However, it remains to be seen whether this will have any impact on rental prices. In the meantime, tenants should be aware of their rights and make sure they are getting a fair deal when it comes to renting a property.

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