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Your Lettings Market Update

Headlines: Rents increase at fastest ever rate as tenant competition doubles

  • Average asking rents have increased at the fastest rate on record, and are now £1,068 per calendar month (pcm) outside of London – 9.9% higher than this time last year, and 13% higher than before the pandemic
  • London rents hit a new record of £2,142 pcm and see the largest quarterly jump of any region (+6.1%):
  • Rents in the capital have risen beyond pre-pandemic levels for the first time, and are now 3% higher than the beginning of 2020
  • our partners at Rightmove predict asking rents will rise by 5% in 2022 as imbalance between supply and demand continues:
  • Competition between tenants for available properties was nearly double (+94%) in December compared to December 2020
  • Tenant demand is 32% higher than this time last year
  •  The number of available properties is 51% lower than the same period last year, however it is 7% higher than the same period in December, a sign of availability improving
  • New Rightmove data on rental yields reveals the average yield in Great Britain is at its highest point since 2016, with record yields in the North East and Wales