Zoopla’s latest report shows that rents for new lets are up 10.5% over the year and rental inflation has been in double digits over the last three years. Low supply is contributing to the rental growth, however, affordability is a key influence. Rents for new lets are expected to increase by 9% in 2023 then slow to 5-6% in 2024 says Zoopla.
International students returning to study in the UK are also creating further demand and adding to the upward pressure on rents. Although mortgage rates continue to fall, some first-time buyers are adopting a wait and see approach by continuing to rent for the foreseeable future. If your tenants are leaving or you have unexpectedly found yourself renting a property, please get in touch with our lettings team, we’d be delighted to arrange a free up-to-date valuation.