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Demand for private rental property soars

By Surrenden Invest | March 25, 2022
According to data released by Rightmove, private rents are climbing at a record pace as tenants compete for rental properties in city centre locations across the country. As more people return to the workplace following the easing of Covid-19 measures, demand for rental property has increased.
The cost of renting has reached a record high in London, with data showing that rents have bounced back higher than they were before the pandemic. The average price of renting a property in London now stands at an average of £2,142 per calendar month.
Outside of London, rents have increased by 9.9% over the last year, with the average cost of renting standing at £1,068 per calendar month.
An imbalance of supply and high tenant demand has caused a post-pandemic surge in the cost of renting, with the number of people searching for a rental property 32% higher than a year ago. In terms of supply, the number of available options on the property portal Rightmove is 51% lower than one year ago.
For those considering buy-to-let property investments this year, the figures in the report highlight the continued demand for rental property across Britain. However, with the government unable to deliver on its promise of 300,000 new-build properties per year to ease supply issues, private developers and investors are in a prime position to provide high-quality housing solutions in some of the UK’s most undersupplied markets.

£2,142

The average price of renting a property in London now stands at an average of £2,142 per calendar month.

9.9%

Outside of London, rents have increased by 9.9% over the last year.

32.0%

Number of people searching for a rental property 32% higher than a year ago.

300,000

Government unable to deliver on its promise of 300,000 new-build properties per year.
If you are searching for the best locations for Build to Rent property investments, visit the 2022 City Guide section of our website to download our latest market reports. In other news, data released by estate agent Hamptons has revealed that the UK’s property market is set for a record year in 2022, with house prices set to continue to rise over the next 12 months.
With historically low interest rates and mortgage deals available with lower deposits, now is an excellent time for buy-to-let investors to consider the options available to them on the market. If you’re considering a rental property, use our Buy to Let Mortgage Calculator to determine your monthly repayments.

For more information, contact Surrenden Invest today.

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