This week brought more bad news for Britain’s already stretched-out private renters: prices hit another all-time high.
According to Rightmove, the average rent for properties outside London is now £1,162 per calendar month, an increase of 3% over the past three months. In Greater London, the average rent for properties was a whopping £2,343 per calendar month, an increase of 16.1% year-on-year.
No wonder back in August, London’s mayor Sadiq Khan demanded the power to freeze rents to help tenants weather the escalating cost of living crisis. So far, his pleas have fallen on deaf ears by the British government.
Farther north of the border, emergency legislation was recently passed by the Scottish Parliament, giving ministers the power to freeze most private and social rents until March 2023.
The latest price hikes once again reflect the current general dislocation in the private rental market. According to Rightmove, tenant demand is up 20 per cent year-on-year, but available rental properties are down 9 per cent, making it difficult for tenants to find somewhere – anywhere – to live.
Studios are especially competitive: the fact that there are four times as many tenants looking for studios as there are available is an absolute dire situation.
A colleague at Refinery29 said of her recent stress in finding a flat in north London: “There are actually around 60 people visiting the property. When my boyfriend and I Talking about it, because he can’t watch it, it has been given to other people. The agency also asks people to make sealed bids when they leave.”
Rightmove’s Tim Bannister admits the market” It’s a real challenge for renters at the moment” but does offer a small silver lining. More properties are starting to hit the market, at least outside London.
However, he added a warning: “Those looking to rent smaller properties in the coming months may find they face more competition from potential first-home buyers due to The sudden rise in mortgage rates, their plans to buy are currently in vain, and they are now looking to rent.”
So basically, the rental generation is growing, and it is becoming more and more for all of us. It’s getting harder.
as you can see? How about some more R29, right here?