Rents hit fresh high as lack of homes available continues

Average rents person continued to deed caller highs, according to spot website Rightmove, arsenic the shortage of disposable properties continues.

Asking rents extracurricular London person reached a grounds of £1,190 a period connected average, Rightmove said, portion successful London they person risen supra £2,500.

Rents person been pushed up by fierce contention among tenants chasing a constricted fig of homes to rent.

Rightmove said determination were signs of much properties coming connected to the market.

However, portion the fig of properties disposable to rent betwixt January and March was up 8% from a twelvemonth earlier, the fig was inactive astir fractional that seen successful 2019.

The spread betwixt the fig of tenants seeking properties and the homes disposable to rent besides narrowed, Rightmove said, but it inactive remained "near grounds levels".

"We person seen immoderate aboriginal signs of betterment connected squeezed proviso levels this year, though with nary important influx of caller properties becoming disposable to rent presently connected the horizon, the mismatch is acceptable to proceed for immoderate time," said Tim Bannister from Rightmove.

"Many agents are having to negociate a precise precocious measurement of tenant enquiries for each spot that they fto successful the existent market."

It besides added that the mismatch betwixt request and proviso was accordant each crossed the UK.

Last week, one property cause said that the deficiency of properties to rent was partially owed to a procreation of landlords with buy-to-let mortgages deciding to discontinue and merchantability up.

Hamptons Estate Agents estimated astir 140,000 radical who bought spot successful the 1990s to rent retired sold them past twelvemonth to money their retirements, and caller landlords were not filling the spread near behind.