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Rents Increase at Fastest Ever Rate as Tenant Competition Doubles

Rightmove’s Quarterly Rental Trends Tracker has revealed that asking rents in Great Britain are rising at the fastest rate ever recorded.

Average asking rents hit annual growth of 9.9% to reach £1,068pm outside of London, the highest annual jump on record, recovering from the slowdown in rental growth in the months immediately after the pandemic started.

This rapid growth in average asking rents, driven by high tenant demand and low numbers of rental properties available, means that rising rents are outpacing house price increases in all but three regions (East Midlands, South West & South East).

Wales (+12.7%), the North West (+12.5%) and the South West (+11%) lead the way in annual asking rent growth, while London hit record annual growth of 10.9%, with asking rents in the capital now 3% higher than before the pandemic started – the first time they have risen beyond pre-pandemic levels.

Pontypool in Monmouthshire, Wales saw the largest annual increase in asking rent of any local area, jumping 20% from £562pm to £674pm, followed by Ascot (+18.8%), and Littlehampton (+17.5%).

London completes its recovery
At the end of 2020, London recorded a near-record 6.4% drop in average asking rents, as demand shifted away from the capital during another lockdown. Tenants looked for more space outside of cities, flats temporarily fell out favour, and landlords offered tenants willing to stay cut-price rents.

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