Although the UK rental market has been slowing down post-pandemic the most recent HomeLet Rental Index shows healthy growth for the UK rental market, with continued growth expected in 2023!
Rightmove also predicts national average asking rents for newly available properties will rise a further 5% this year unless there is a significant addition of available homes to rent.
The current average asking rental price for new tenancies in the UK has risen to £1,175pcm, which is an annual increase of 10.2%.
The number of properties to rent is down by 38% compared with pre-pandemic 2019, while the number of people enquiring about a property to rent is 53% higher. Making now a great time to be a landlord!
According to HomeLet, each region in the UK has seen annual growth which is positive news for property investors.
Region Breakdown:
West Midlands:
- Average Rental Income £870 PCM
- +8.8% growth from last year
North West:
- Average Rental Income £951
- +10.6% growth from last year
East Midlands:
- Average Rental Income £807 PCM
- +8.3% growth from last year
Yorkshire & Humberside:
- Average Rental Income £794 PCM
- +8.8% growth from last year
Wales:
- Average Rental Income £800 PCM
- +10% growth from last year
Savills forecast average rents in the UK to increase a further 18.3% between 2023-2027, showing positive signs for rental growth.
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