Rental enquiries still in double figures, says Rightmove

Enquiries per rental are still double the number from five years ago, new statistics from Rightmove reveal.

Each property for rent received an average of 11 enquiries, nearly double the six at this time in 2019 before the Covid pandemic. And in the summer agents were receiving 19 enquiries per property.

The number of available properties has risen by 7% compared with this time last year, while the number of prospective tenants looking to move has dropped by 19% compared to last year.

Improvement

This improvement in the balance of supply and demand has contributed to a slowing down in rent growth compared with last year, Rightmove adds.

Average rents outside of London are now £1,339 per calendar month, 4.5% above this time last year, while rents are 2% higher in London.

Rightmove predicts that average rents will rise by 3% outside and in London by the end of 2025.

Upward pressure

Tim Bannister, Property Expert at Rightmove, says: “There are two competing factors influencing rental price changes right now.

“The ongoing imbalance between supply and demand is putting upwards pressure on prices.

“On the other hand, rent rises outpacing wage growth over the past 5 years has stretched affordability to extreme levels, and is showing in the increasing number of price reductions.”

Rent prices and stock levels are likely to continue to worsen.”

Angharad Trueman, President of ARLA Propertymark and a practising letting agent, says: “The issue of demand far outstripping the number of homes available to rent is continuous.

“Landlords are also battling increasing costs including rising tax and mortgage costs, and many are finding it difficult to break even,” she says.

“Without incentives for landlords to enter or remain in the market, rent prices and stock levels are likely to continue to worsen.”

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