Landlords still selling but it’s no longer an exodus – Rightmove

Landlords still selling but it’s no longer an exodus – Rightmove

Rightmove says its latest survey of the private rental market shows some landlords are still leaving – but it’s no longer an exodus.

And it says that there’s no evidence of a surge of new sales by landlords as a result of the imminent passing of thew Renters Rights Bill into law.

Looking at wider aspects of the rental sector, the portal says that the number of new properties coming into the market is stable compared with last year.

The average advertised rent of properties coming to market outside of London has fallen this quarter for the first-time since pre-pandemic 2019, dropping by 0.2% to £1,341 per calendar month.

Rents are still 4.7% higher than this time last year, but this quarter’s fall makes it the slowest rate of annual growth since 2021.

These figures come from Rightmove which says average advertised rents in London continue to rise, reaching a 13^th consecutive quarterly record of £2,695 per calendar month (pcm), however the increase is only 0.1% this quarter.

Supply in the rental market continues to increase, with the number of available rental properties now 13% higher than at the same time last year, improving the balance of supply and demand.

The number of prospective tenants looking to move has also dropped by 16% versus last year, however, the average number of applications per rental property is still in double digits at 10. Read the full article at Landlord Today