HomeLet has released figures from its July 2022 Rental Index, reporting another record high average rental price of £1,127pm (£948pm excluding London), and adding that it expects prices to continue rising, with landlords expressing concern that they are being pushed out of the market.
Commenting on the latest data, Andy Halstead, HomeLet & Let Alliance CEO, said: “This month’s figures paint a picture of a rental market that is struggling to meet the needs of renters or landlords, with spiralling prices a bad sign for both parties.
“One of the main factors leading to rising rent prices is a lack of supply on the market to match demand. This problem could worsen if landlords continue to leave the market, leaving a rapidly shrinking supply of available rental properties. The issue is reflected by the overall findings from our recent Landlord Survey, where 18% of all landlords that we spoke to said that they expect to reduce their portfolio or leave the sector entirely in the near future – this figure rises higher to 22% for landlords based in London.”