The rental property market in Britain is gradually showing signs of recovery, according to data from Rightmove. In the second quarter of 2024, the average monthly advertised rent across Britain, excluding London, stood at £1,231. Although this is still below pre-pandemic levels, it indicates an improvement from the previous year.
One area that continues to see a growth in rental prices is London, where advertised rents have reached a record high of £2,661. This marks an increase from £2,567 compared to the previous year. The demand for rental properties in the capital remains strong, with 17 inquiries for every available rental property.
Despite improving supply, the number of available properties still lags behind pre-pandemic levels. Rightmove emphasizes the need for increased landlord investment to boost stock and achieve a healthier supply and demand balance in the market. A stable rental market requires support for both tenants and landlords.
Asking prices for properties have experienced a slight decline of 0.4% this month, falling to £373,493. This drop is larger than usual for the month of July, but it reflects the efforts of new sellers to navigate various distractions such as the General Election, sporting events, and the summer holiday season. These sellers are offering competitive prices to attract buyers.
Overall, while the rental property market in Britain is still in recovery mode, the data suggests positive growth and an improving outlook. Increased investment and support for both tenants and landlords will be crucial in ensuring long-term stability in the market.