Renting Becomes a Battle as Costs Soar
Renters across the UK are feeling the squeeze as they face record high bills and a shortage of available homes. According to property website Rightmove, rents outside of London have increased by 10% in the past year, averaging £1,278 per month. This is a significant increase of £500 per month compared to a decade ago when the average bill was £779. Meanwhile, in the capital, rents have surged by almost 12% to reach a record high of £2,627 per month.
Mortgage Costs and Borrowing Push Up Rents
The rising cost of mortgages has had a direct impact on renters, as landlords pass on the higher costs to their tenants. Some buy-to-let landlords are even exiting the market due to the increased borrowing expenses. Property experts have noted that the number of tenants looking to move has risen by 41% since 2019, while the number of available homes has decreased by 35%. This severe shortage in rental stock has led to intense competition among prospective tenants.
"Not Enough Properties to Meet Demand"
Ria Laitmer, a lettings manager, describes the current state of the rental market as "crazy" due to the sharp contrast between high demand and a severe lack of available properties. Tenants are left disappointed as the number of enquiries for each property has skyrocketed, with many properties receiving as many as 25 enquiries. There has been a 41% increase in the number of tenants looking to move compared to 2019. The overwhelming demand has far outpaced the limited supply, exacerbating the housing shortage.
Tips for Prospective Renters
According to Tim Bannister from Rightmove, renters can improve their chances of securing a property by acting quickly on viewings, being flexible with move-in dates, and widening their search area. With the fiercely competitive rental market, tenants must be proactive and prepared to make prompt decisions in order to secure a home.
