Rightmove Reports Highest Average Asking Rents on Record

Rightmove Reports Highest Average Asking Rents on Record

Rightmove, the UK’s leading property portal, has recently reported that the average asking rent for properties in the UK has reached its highest level on record. This is the first time since the company began tracking rental prices in 2008 that the average asking rent has exceeded £900 per month.

The increase in rental prices is being attributed to a number of factors, including a lack of supply of rental properties and an increase in demand from tenants. The UK’s population is growing at a rapid rate, with an estimated 400,000 people moving to the UK each year. This influx of people has created a high demand for rental properties, which has pushed up rental prices.

Furthermore, the number of rental properties available on the market is decreasing due to landlords selling their properties or converting them into buy-to-let investments. This has created a shortage of rental properties, which has further driven up rental prices.

The increase in rental prices is having a significant impact on tenants, who are now spending a larger proportion of their income on rent. This is particularly true for those on lower incomes, who are struggling to afford the rising cost of rent.

In response to this, the government has introduced a number of measures to help tenants, including capping rent increases and introducing longer tenancies. However, these measures are yet to have a significant impact on rental prices.

It remains to be seen how rental prices will develop in the future. However, it is clear that the current situation is unsustainable and that more needs to be done to address the issue of rising rents.

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