What happened Average private rents for new properties coming on to the market in Great Britain have risen to record highs, according to data from the property website Rightmove. But the overall pace of rent growth is slowing – a development that would be welcomed by tenants, the website said.
Who said what The rental market is "no longer at peak boiling point, but it remains at a very hot simmer", said Tim Bannister, Rightmove's director of property science.
The commentary Despite the record average rent there are signs emerging that "more landlords are having to reduce their asking rents, particularly for bigger homes, to meet what tenants can afford", said The Independent. Rent rises have been blamed "largely on demand greatly outstripping supply", said The Guardian, but have been "exacerbated" by landlords trying to "pass on big increases in their costs caused by higher interest rates".
What next? Renting a property in the UK remains both difficult and expensive. Letting agents are fielding an average of 13 inquiries per property, Rightmove said. This is down from 19 at this time last year, but is still nearly triple the average of five in March 2019. |