The property market is rarely out of the news these days, given the interest rate increases and cost-of-living pressures.
Property portal Rightmove has released its latest rental trends report for the South East for the third quarter of the year which has shown some interesting findings:
- As many mortgages have increased, so to have rents and during the past three months the national average asking rent outside of London has hit a new record of £1,162pcm – jumping more than 3% for the quarter.
- In London, average rents have risen to £2,343pcm; leading to the biggest ever annual jump of 16.1%.
- For those looking for rental properties outside of the capital the good news is that there are more new rental properties available in every region of the South East, however demand still greatly outweighs the number of homes available to rent. As such, tenant demand is up 20% compared with last year.
- Interestingly, Rightmove is reporting that studio flats have overtaken one-bedroom properties as the most in-demand flat type for renters, perhaps showing the consequences of stretched budgets and the returning popularity of city centres post pandemic.
Our team at Clarendons ensure that we stay on top of the latest trends and are always on hand to give you advice as a landlord or a tenant.
Please do get in touch with us today.
