Personal rents in Britain are rising at a record rate, the study found, jumping 14% a year in London and more than 19% in hotspots like Manchester, putting further pressure on already squeezed household budgets.
The average advertising rent outside London is 10.8% higher than a year ago because tenants have jumped on the bandwagon with “the most competitive rental market ever recorded”, property website Wrightmove said.
This is the first time the average annual growth outside the capital has exceeded 10%, with average rents rising to a record £ 1,088 a month – up from £ 982 a year ago.
In London, which temporarily fell out of favor with tenants at the start of the epidemic, the average rent sought hit a record মাসে 2,193 a month – up 14.3% or £ 274 from a year earlier. Wrightmove said it was “the biggest annual jump in any region since the record began.”
The property site says demand has largely outpaced supply, with the number of potential tenants exceeding three to more than one rental property.
This has been attributed to a number of factors, some epidemic-related, with many tenants re-evaluating what they want from a home and how close they need to be to work. Wrightmove said it is also hearing from agents and landlords that tenants are signing long leases, which is preventing some stocks from returning to the market in general.
Rising home prices have meant many homebuyers have had to live in rented accommodation longer, while many homeowners who were originally attracted by the buy-to-let boom have increased rents in recent years or left the market due to regulatory and tax changes.
Overall, the average rent is now 15% higher than the same period two years ago as the epidemic began. The uptrend coincides with higher energy bills and other living costs
The website names several rental hotspots, with Swansea in South Wales topping the list with a 19.7% annual average rent increase. Manchester was close, with a 19.3% increase, with average monthly rent rising from £ 894 to £ 1,067 a year. Liverpool was another hotspot, with an annual growth of 17.1%. Others include Margate in Kent (18.8%), Grantham in Lincolnshire (14.6%) and Cardiff (14.5%).
The figures come a day after a report by an influential committee of MPs found that one in eight privately rented homes in England posed a serious threat to human health and safety.
An estimated 11 million people in England are privately hired and the size of the sector has doubled in the last 20 years.
Separately, the Office for National Statistics released data showing that UK home prices rose 10.9% in the 12 months to February – up from 10.2% a year in January. This brings the general price to 277,000 – about £ 27,000 more than a year ago