Advertised rents ‘hit fresh highs but pace of increases is slowing’
The IndependentSign up to our free money newsletter for investment analysis and expert advice to help you build wealth Sign up to our free money email for help building your wealth Sign up to our free money email for help building your wealth SIGN UP I would like to be emailed about offers, events and updates from The Independent. London asking rents were 5.3% higher in the first quarter of 2024 than a year earlier, slowing from a 6.1% annual rise in the fourth quarter of 2023. Although the balance of supply and demand is slowly improving from its peak, Rightmove estimates that nearly 50,000 rental properties would still be needed to head back to the pre-pandemic level of rental supply. We can see some slow improvements for tenants with more choice, and competition with other tenants slowly starting to ease Tim Bannister, Rightmove Rightmove’s director of property science, Tim Bannister, said: “The rental market is no longer at peak boiling point but it remains at a very hot simmer. “The fact that, even with some improvements to the level of supply, we are still nearly 50,000 properties behind the pre-pandemic market, is a stark reminder that the industry needs more good quality rental homes.” It appears stock will get tighter as we move into the summer months and as such the number of reductions will likely decrease Simon Thompson, Miles & Barr Simon Thompson, group lettings director at Miles & Barr in Kent, said: “I think it is fair to say that price growth has eased; however the pace of new supply coming on to the market is also starting to slow, probably due to a combination of the relatively low numbers of new landlords coming into the market, and a few landlords looking to sell.
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