{"id":19800,"date":"2018-08-08T09:45:30","date_gmt":"2018-08-08T08:45:30","guid":{"rendered":"https:\/\/www.buyassociation.co.uk\/?p=19800"},"modified":"2018-08-08T09:45:30","modified_gmt":"2018-08-08T08:45:30","slug":"asking-rents-in-london-hit-2000-high-as-supply-falters","status":"publish","type":"post","link":"https:\/\/www.buyassociationgroup.com\/en-us\/news\/asking-rents-in-london-hit-2000-high-as-supply-falters\/","title":{"rendered":"Asking rents in London hit \u00a32,000 high as supply falters"},"content":{"rendered":"

Tenants renting privately in London are paying more than double the national UK average after the last quarter saw a leap in asking rents in the capital.<\/strong><\/p>\n

New data from Rightmove has revealed that in the second quarter of this year, asking rents in London<\/a> shot up by 3.4% compared to the first three months of the year, to \u00a32,000 per month for the average home. This was well above the national average rent rise which was 2.7% quarter-on-quarter, meaning landlords<\/a> across the UK are now asking a typical \u00a3796 a month for their rented properties<\/a>.<\/p>\n

The research also shows that there has been a fall of 3.5% in the number of available homes<\/a> to rent in the capital compared to this time last year, which could have contributed to the asking rent rises as tenants face a more competitive rental market<\/a>.<\/p>\n

Fewer landlords in the capital?<\/h4>\n

It’s the first time since the last quarter of 2014 that London has had the strongest performing rental prices, and the time it takes to let out a property<\/a> there has also shortened from 44 days to 40 days – although this is still above the 36-day national average.<\/p>\n

Rightmove\u2019s housing market analyst Miles Shipside said: “After a few years of more plentiful supply<\/a> in the London market we\u2019ve now reached a point again where competition among tenants for a great rental home can be very high in the most popular rental areas of the capital.<\/p>\n

“This reduced choice could be symptomatic of fewer landlords buying and some selling up<\/a> as rental returns are being diminished by more onerous tax, and little or no growth in capital appreciation, along with increased demand<\/a> from tenants.”<\/p><\/blockquote>\n

The south-east of the country saw the biggest quarterly rent rises of 4.3%, from \u00a31,038 to \u00a31,083, but this was a 0.4% annual decline. Another top-performing region in terms of rental gains was the north-west<\/a>, which gained 3.2% compared to the first three months of the year, with rents rising from \u00a3660 to \u00a3640 per month, and this was also a 1.3% increase on an annual basis.<\/p>\n

Meanwhile, Scotland<\/a>‘s landlords were asking 3.4% more in Q2 compared to Q1, as average rental homes were advertised at \u00a3674 compared to \u00a3652, which was also a 2.8% rise compared to the previous year.<\/p>\n","protected":false},"excerpt":{"rendered":"

Tenants renting privately in London are paying more than double the national UK average after the last quarter saw a leap in asking rents in the capital. New data from Rightmove has revealed that in the second quarter of this year, asking rents in London shot up by 3.4% compared to the first three months… Read more »<\/a><\/p>\n","protected":false},"author":1069,"featured_media":4769,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[2,12],"tags":[341,60],"class_list":["post-19800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buy-to-let-landlords","category-london","tag-newsletter","tag-rent"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/19800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/users\/1069"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/comments?post=19800"}],"version-history":[{"count":0,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/posts\/19800\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media\/4769"}],"wp:attachment":[{"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/media?parent=19800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/categories?post=19800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyassociationgroup.com\/en-us\/wp-json\/wp\/v2\/tags?post=19800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}