There are more tenants looking to move now, however, supply of properties is also down, pushing up prices
It also shows that rents have hit another national high, reaching £1,278 per month on average, some 10 per cent higher than a year ago.The reason for the increases is partly down to rising mortgage rates. Landlords who are reliant on a mortgage have seen the rates they pay go up even higher than home owners, which has lead them charging higher rentSome will have seen their rates go from as little as 1 per cent for a two-year fixed deal in 2021 to over 6 per cent now..
Agents are reporting that tenants are having to be more flexible on viewing and move-in times, and that they have to move fast with references. The number of new rental properties coming to market is also now 7 per cent higher than at this time last year, the biggest yearly jump since November 2022.1. Moving fast to set up a viewing is key, which can be difficult when juggling other commitments. Having instant property alerts set up, and getting to know local estate agents can help to make sure you’re one of the first to know about a new property.