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12° Nicosia,
21 May, 2022
 
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Rental prices are soaring in Britain

The number of tenants looking for a home has increased by 32% in one year

Source: amna.gr

Rents in the UK rose at a record rate last year and are expected to continue to rise in 2022, albeit at a slower pace, according to an analysis by Rightmove.

"Demand continues to be very high, which means that the imbalance between supply and demand will continue until there are more options in the market,"

"The average rent has risen at the fastest rate ever and now stands at 1,068 GBP (around €1,300) a month outside London," according to Rightmove, adding that it rose 9.9% year-on-year.

In London, rents reached a new record, at 2,142 GBP (over €2,500) a month on average.  In other words, they rose 10.9%.  For the first time since the outbreak began, rents in the British capital exceeded pre-pandemic levels.

in 2020, the pandemic had drastically reduced rents in London by almost 6.4% as tenants, scalded by lockdowns, were "moving away from the capital" to "look for places outside the city".

But a year later, London "regained its popularity and landlords are able to negotiate higher prices," according to Rightmove.

The increase in rents last year was attributed to the imbalance of supply and demand. The number of tenants looking for a home increased by 32% that year, while the number of available homes for rent, on the other hand, doubled.

Rightmove predicts that rents will increase by another 5% in 2022.

"Demand continues to be very high, which means that the imbalance between supply and demand will continue until there are more options in the market," said Tim Bannister, director of real estate market data at Rightmove.

However, "landlords understand the importance of having a good tenant in the long run, and there are limits to what the latter can pay.  This will prevent rents from rising at the rate we saw last year," he said.

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Cyprus  |  Britain  |  London

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