September, Friday 20, 2024

The average home now attracts 25 potential tenants eager to view


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According to data from Rightmove, the average number of tenants waiting to view rental properties in the UK has increased from 20 to 25 in just five months. In 2019, there were typically six requests per place, but that number has risen to 20 this spring, and now it stands at 25. Agents have described the demand and supply imbalance as "crazy". The average advertised rent for new lets outside of London has reached a record high of £1,278 per month, showing a 10% increase from the same period last year. In London, the average advertised rent for new lets is now £2,627 per month, 12.1% higher than last year. This surge in demand can be attributed to the return of students after the COVID-19 pandemic and the unaffordability of home ownership due to high mortgage rates. The government's plan to ban no-fault evictions in England was confirmed in May, with the aim of providing a fairer deal for renters. However, progress has been slow, according to charities and campaigners. Rightmove has noted a slight increase in the number of available rental homes, but it will take considerable time to rectify the current imbalance. Agents recommend several strategies to secure a rental property, and more tips and information on renting rights are available. If readers have been forced to rent a property that doesn't meet their needs due to rising rents, they are encouraged to share their experiences with the BBC. Contact information is provided for those interested in sharing their stories or opinions.