Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Advertised Rents Hit New Highs Amid Falling Supply
Advertised rents have reached record highs in London and across Great Britain, as the number of available homes has dropped below last year’s level for the first time since 2022. This is according to a report by Property118.
Rightmove data cited in the report shows that the average advertised rent outside London rose by 1.9% during the second quarter, reaching £1,397 per month. This marks the first time a quarterly record has been set for average advertised rents outside the capital.
The report highlights that the fall in available homes is a key factor behind the increase in advertised rents. The supply of rental properties has now dipped below the levels seen in the previous year, reversing a trend that had persisted since 2022.
For letting agents and inventory clerks, these developments may impact the volume of new tenancies and property management activity, as well as the expectations of both landlords and tenants in the current market.
Source: Property118