A report by Landlord Today states the UK has a chronic undersupply of housing. The pool of rental properties is shrinking and as a result rental prices are rising.
Available lets hit new lows and asking rents hit new highs
Up until this quarter, the lowest number of available rental properties was recorded in quarter three 2015.
This quarter, however, the number of rental properties available was 13% lower than the previous record, although, as is often the case in the property market, there were wide variations in this, for example, in London the drop was a massive 24%.
It is therefore hardly a surprise that asking rents are also up. Nationally they were up by 3.2% year on year and by 1.3% quarter on quarter while in London they were up by 5.6% year on year and by 2.2% quarter on quarter.
Asking rents now stand at £828 per calendar month outside London and £2,104 per calendar month in London.
For full story please click on link below:
https://www.landlordtoday.co.uk/breaking-news/2019/11/a-shortage-in-home-lets-is-driving-up-rental-prices-in-britain-to-record-levels
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