The demand for rental properties in Britain continues to rise, with the average queue of tenants waiting to view a property now at 25, up from 20 just five months ago, according to figures from Rightmove. The property portal revealed that in 2019 there were typically six requests to see properties by telephone or email. By spring 2021, this had risen to 20 per property. Alongside this increased demand, the average advertised rent for new lets outside of London has reached a record £1,278 ($1,763) per month, an increase of 10% on the same period last year. Advertised rents for new lets in London are now £2,627, up 12.1% year-on-year.
Agents have described the mismatch between supply and demand as “just crazy”, with prospective tenants being left disappointed as there are simply not enough properties to meet demand. The surge in tenant demand can be partly attributed to the end of pandemic restrictions and students returning to university, combined with mortgage rate rises that mean fewer people are considering home ownership. Meanwhile, an increase in mortgage costs and reforms in the sector have caused some landlords to sell up.
Rightmove has pointed to some signs that the number of available rental homes is beginning to rise, but acknowledges that it will take some time for the market to rebalance. They have encouraged prospective tenants to start their search well before their tenancy ends and register with multiple agents, as well as building relationships with agents in their area.
The UK government recently pledged to ban no-fault evictions, a move intended to promote a “fairer deal for renters”. However, charities have suggested that little progress has been made since the ban was confirmed earlier this year. Housing minister Rachel Maclean has confirmed the government’s commitment to the ban, expressing hope that it will progress through parliament soon. She highlighted that the vast majority of tenants are not “bad people” involved with gangs or drugs
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