Busiest rental market in 2023 revealed

Busiest rental market in 2023 revealed

0:01 AM, 19th December 2023, About 6 months ago

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Wrexham in Wales has been named this year’s busiest rental market by Rightmove.

The city experienced a surge in rental demand receiving 56 enquiries on average from prospective tenants in 2023, up from eight enquiries back in 2019.

Across Great Britain, there has been an average of 20 individual enquiries per available rental property this year, compared to an average of six in 2019, due to the widening supply and demand gap.

Balance between supply and demand is improving

Redbridge in London is second on the list with an average of 49 enquiries per available rental property compared with 11 in 2019, and Tameside in Greater Manchester is third, with an average of 48 enquiries compared with 14 in 2019.

However, Rightmove says there are signs the balance between supply and demand is improving.

According to the property website, the number of properties available to rent is now 11% higher than this time last year, while the number of renters looking for a home and sending enquiries to estate agents is 12% lower than at this time in 2022.

Landlords choosing to sell up

Rightmove’s property expert Tim Bannister said: “The balance between supply and demand has been slowly improving this year, and while it will likely be a long time yet before we reach the more normal market levels of 2019, the early signs of improvement are promising heading into 2024.

“The increase in available homes for rents we’re seeing is likely to be a combination of some longer-term leases agreed during the pandemic years coming to an end, some new developments across the country being converted into rental homes, some landlords choosing to sell up, and also other landlords now returning who temporarily switched to the short-let market.

“There are still far more renters looking to move than there are homes available which means we still expect rents to rise on average next year.

“But these early signs of a better balance of supply and demand means we predict rents will rise by a smaller figure of 5% next year, rather than another year of double-digit rental growth.”

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