9 Oct 2017
Asking prices for rental properties in almost all regions have risen this year, Rightmove reports this morning.
However, because of falls in London and the south-east, the average new asking price is actually down, by just 0.2%.
In the south-east, new rental asking prices fell 2.3% in the third quarter compared with the second quarter.
In London itself, asking prices for new rents were down by 0.7%.
In Yorkshire & Humberside, rents dipped an almost imperceptible 0.2%.
In every other region, asking price rents have risen by up to 2.6% (north-east).
Other notable rises include 1.8% in Scotland and 1.5% in the west midlands.
In London, however, Rightmove says asking prices are at their lowest for this time of year since 2013.
Across Greater London, the average asking price has dropped from £1,934 per month to £1,920.
Rightmove said that the fall in the south-east is due to increasing supply.
In London the picture is different, with new listings down 3.7% on the third quarter of last year.
Rightmove head of lettings Sam Mitchell said: “Last year the supply of rental properties in London increased as much as 26% when investors rushed to buy ahead of the Stamp Duty changes, leading to cooling rents over the last 12 months in the capital.
“Now it appears that rental investors are starting to move their money away from London, with a number of agents across London saying that investors are being replaced by first-time buyers.
“This is likely to constrict rental supply in the capital and lead to rents increasing again.”
According to Rightmove, the average asking price for rents outside London is now £789, down from £790.
Critics have already pinpointed the perils of ‘averages’ in the housing market.
[ comments ]