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Average asking rents for new tenancies outside London jumped to another record high of £1,172 a month in December – although there are now signs that the pace of growth is starting to ease.
Rightmove reports that average rents for newly listed properties rose by 9.7% in 2022 compared with the previous year, although the last quarter’s 0.9% rise compared with the previous three months was the smallest quarterly increase for two years. In contrast, average asking rents in London accelerated, rising by 5.8% and setting a new monthly high of £2,480.
The lack of available properties is also showing signs of easing, as the number available to rent in December was 13% higher than the same period in 2021. New properties coming up for rent were also up 5%.
Renters rise
The number of tenants looking for a property was up by 7% last month compared with the previous year, however, competition between tenants dropped by 6% and by a third (33%) compared with the peak in September. Wales (+15%) and the South West (+13%) have seen the biggest jumps in new properties to rent regionally, which led to a slight drop in respective average asking rents of 1%. It’s the first quarterly drop for any region since the start of 2021.Rightmove’s director of property science, Tim Bannister (pictured) says: “There appears to be some more property choice for renters compared to the record low levels of last year which would slightly ease the fierce competition to secure a home.“This is why we’re forecasting that the pace of annual growth will ease to around 5% by the end of the year nationally, although this would still significantly exceed the average of 2% that we saw during the five years before the pandemic.”
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Why not contact us ..always good to have an nice Incentive 😉
https://buff.ly/3al6dSk 💷 WIN £2,023 when you have your home valued 💷
To mark the beginning of 2023, independent estate agencies across the Southwest have launched a New Year Giveaway, which will produce two cash winners every month, as well as awarding a grand prize of £2,023 to one lucky homeowner 💰
From now until the end of April, all homeowners who choose a member of the Experts in Property network to value their home for sale or rental purposes will be entered into the Giveaway for no less than nine chances to win a cash prize.
The route to entry couldn’t be simpler – just find your local Experts in Property agent and invite them to value your property. The service is absolutely free of charge and without obligation. Then you'll be entered into the prize draw! 🛋
There are members of the network throughout the region, in Cornwall, Devon, Dorset, Somerset and Bristol. They should be easy to find – just look for the ‘house and tick’ logo displayed in High Street windows or visit the directory here: https://buff.ly/3QLtjoY
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Christmas office opening times
We will be closing from Friday 23rd December 5.30 pm and re opening Tuesday 3rd January 9am .
Just for emergencies only a telephone number is available on our answer machine .
Wishing you all a very Merry Christmas and a Happy healthy new year from all at Cooksleys
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We again this year have chosen to donate to an amazing charity instead of sending out Christmas cards . We have donated £250 to The Exeter Foodbank . Wishing you all a Happy and Healthy Christmas and New Year
