Average rent price soars to new record levels as demand outweighs supply
The average asking price went up by nearly 11% outside of London
Last updated 29th May 2022
The average renting price in the UK has shot up to record levels as the demand to rent continue to outweigh the supply of available properties, according to a new report.
Figures published by online estate agent Rightmove found that in the first three months of 2022, the average renting asking price went up by 10.8% outside London to £1,088 a year when put against 2021 numbers.
This is the first time that prices for rent outside of the capital have risen by more than 10% year-on-year, whilst in London it was the highest price rise ever seen.
Inside London, the average renting price also jumped up by 14.3% to £2,193 compared to last year's figures.
In total, UK average renting prices went up by 1.8% in the first three months, compared to the last three months of 2021, the report added.
The largest increase in prices came from Wales, as Swansea saw the largest annual increase in any region of the country, with prices going up by 19.7% from £653 to £782.
Other cities that saw noticeable jumps included Manchester, with an increase of 19.3% and Margate in Kent, which saw an 18.8% rise.
In the report, Rightmove said the rising costs came from a mismatch between supply and demand, which is leading to competition between landlords and estate agents.
Speaking about the figures, the Tim Bannister, Rightmove's director of property data, said there were several factors behind the market challenges.
"On the supply side, we're hearing from agents and landlords that tenants are signing longer leases, which has prevented some of the stock that would normally come back on to the market from doing so." he said.
"When it comes to demand, we're still seeing the effects of the pandemic, whereby tenants are balancing what they need from a home and how close they need to live to work with where they can afford."