Exit of landlords from market pushing up asking rents as stock drops

A drop in available properties is pushing asking price rents to record highs, Rightmove has reported.

The portal says that available stock has dropped 8.7%, exacerbated by a 19.4% fall in London.

National asking prices for new rents, excluding London, in the third quarter this year are £802.

It is the first time that average asking rents outside London have been over £800.

In London, the average asking price has included down, from £2,000 per month in the second quarter, to £1,992.

Rightmove commercial director Miles Shipside said: “Rental demand is currently outstripping supply in many locations, especially in the capital.

“The exit of more landlords from the buy-to-let market has been due to a raft of different factors.

“What we’re left with is a lack of available homes for tenants looking to find their next place to rent, meaning that when the right kind of property does come along it isn’t sticking around for very long before it’s snapped up.”

Source: www.propertyindustryeye.com

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s