£ 3, 010 £ 4, 097 + 5. 2%
MARKET OVERVIEW
PEAK RENTAL SEASON UNDERWAY
Although the pace of rental growth has moderated, the market remains highly competitive with properties being let very quickly, driven by the continued supply demand imbalance.
HOMES RENTING QUICKLY
With peak rental season underway, homes for rent continue to be in high demand and are renting quickly. The median time on the market from listing to finding a renter is just 12 days, meaning that over half of all homes are being rented in less than two weeks. This trend is consistent across all regions, with some properties renting even faster. One-bedroom flats are currently the quickest to rent, averaging just 10 days on the market, with 43% let in under a week. This pace could increase over the next few weeks. In July and August last year, properties took just 10 days, on average, to rent (Dataloft Rental Market Analytics by PriceHubble, Information Works, July 2024).
CONTINUED GROWTH
The average rent in July 2024 rose to £1,308, a 0.7% monthly increase, higher than the 0.2% rise seen in June. The annual growth rate stands at 5.2%, just under half the rate observed a year ago. Outside of London, rents increased more significantly, rising 7.3% compared to July 2023 (HomeLet). Letting agents are now receiving 17 enquiries for every rental property, more than double the eight seen in 2019 (Rightmove). The average void period has also decreased, dropping from 17 days in June to just 11 days in July (Goodlord). In the prime market, average rents have reached £4,097, up 5.2% year-on-year. Prime rental growth is strongest in Wales and the North West, each with a rise of 8.4% year-on-year.
£ 1 ,7 5 0
£ 2 ,1 6 5
+ 8 .4 %
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£ 1 ,9 0 8 + 3 .9 %
£ 1 7
£ 1 ,5 0 0
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+ 8 4 %
£ 1 7
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£ 2 ,9 3 6
+ 7 .8 %
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£ 3 ,3 2 7
+ 2 .3 %
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£ 1 ,6 5 2 + 7 .4 %
£ 1 5
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£ 1 ,6 9 8
+ 5 .5 %
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£ 1 ,7 6 5
+ 3 .8 %
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+ 4 .3 %
£ 4 8
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+ 6 .4 %
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£1,248 £3,010 £4,097
£1,289 £3,100 £3,992
£1,205 £3,000 £4,163