Editor's note: This brief was summarised by The Property AI Team from a report by Property118. Read the original article for full details.
Rental Affordability Declines Across Most UK Regions, Says Propertymark
Rental affordability has worsened in most UK regions, according to new research from Propertymark. The organisation’s latest data shows that rents have continued to rise, and the salary needed to secure an average-priced rental home has increased over the past year.
Propertymark’s rental price and average salary tracker for May highlights ongoing affordability pressures in the UK rental market. The research also notes that the Renters’ Rights Act has reshaped local rental markets across the country.
For letting agents and inventory clerks, these findings underline the importance of monitoring rental trends and affordability challenges in their local areas. The continued rise in rents and the growing salary requirements may impact tenant demand and the types of applicants seeking rental properties.
Source: Property118