Supply remains very constrained in the rental market, however it is showing slow signs of improvement this year. There are signs that the speed of rent rises is slowing in the capital too, as this quarter’s rise of 0.9% is the smallest for two years. In London, average asking rents have surpassed £2,500 for the first time to reach a new record of £2,501 pcm. However, the pace of asking rent growth continues to slow and has now eased for three quarters in a row. This marks 13 consecutive three-month periods where asking rents on new properties to let have risen, a run which stretches back to the end of 2019.
Terraced Houses have the biggest gap between supply and demand, with more than four times as many tenants enquiring as there are properties of this type available to rent, while flats are finding a tenant the quickestĪverage asking rents for new tenants outside of London rise to yet another new record of £1,190 per calendar month (pcm). Tenant demand is 4% higher than this time last year, and 48% higher than 2019. Competition between tenants has eased by 2% compared with last year, but it is still more than double (+173%) the level it was back in 2019. The gap between supply and demand has narrowed slightly compared to last year, however it is still near record levels with the number of tenants enquiring greatly outweighing the homes available to rent:. However, the number of available properties to rent is still 46% below 2019’s level. The number of available properties to rent is currently 6% higher than last year, and across the first three months of the year has improved by 8% compared with the same period last year. Supply is still very constrained, however it is showing slow signs of improvement this year:. Average asking rents in London surpass £2,500 for the first time to reach new record. 
However, the pace of rent growth continues to slow and has now eased for three quarters in a row.
Average asking rents outside of London for new tenants have now risen for 13 consecutive quarters.National average asking rents outside London reach a new record of £1,190 per calendar month (pcm):.Rents rise again to new record but growth continues to slow
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