July 3rd 2024.
Are you considering moving to a more affordable area outside of London? Well, before you pack your bags, we have some not-so-great news for you. According to a recent study by Rightmove, the cost of renting a home outside of the capital has reached an all-time high. In fact, the average monthly rent for cities outside of London is now a staggering £1,316. This is a 7% increase from last year, making it even more expensive to find a place to live.
The situation is even more dire in London itself, where the average advertised rent is a whopping £2,652 per month. While this is only a 4% increase from last year, it is still significantly higher than the pre-pandemic average of 2% yearly growth. However, there is a silver lining as Rightmove reports that the pace of rental price growth has slowed down from its peak of 12% two years ago.
But why is this happening? Well, according to Tim Bannister, a property expert at Rightmove, it all boils down to supply and demand. The rental market has been imbalanced for quite some time, and the pandemic has only exacerbated the issue. While there have been some positive developments in the supply and demand for properties in London, the same cannot be said for Scotland, where average advertised rents have increased by 8% to £1,067.
It's easy to forget that there was a time before the pandemic when rental prices were more stable. However, as we approach the 2024 General Election, housing and rental prices are sure to be hot topics. Tim Bannister urges the next government to prioritize improving the planning process, accelerating house building, and encouraging more supply in the rental market. This sentiment is echoed by Nathan Emerson, CEO of property professionals' body Propertymark, who believes that the private rental sector needs more houses to help stabilize rental prices.
With the election just days away, now is the time for the government to address these issues and work towards creating a more affordable housing market. So, before you make any big moves, keep these rising rental costs in mind. And if you have a story about your own experiences with renting, we would love to hear from you! Feel free to email us and share your story.
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