More tenants looked to move to areas with lower rents in 2023

More tenants looked to move to areas with lower rents in 2023

0:04 AM, 11th January 2024, About 5 months ago

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A new report reveals that one of the main trends in the private rented sector (PRS) last year was the shift of renters from urban to rural areas, as they sought more affordable and spacious homes.

Rightmove found that 54% of renters who searched for a new home in 2023 wanted to move out of the city they lived in, compared to 51% in 2022.

The property portal says this was driven by a severe shortage of rental properties, high demand and rising rents in cities.

The most searched for destinations by tenants are London, Manchester, Bristol, Glasgow and Birmingham.

Renters also had different priorities when looking for a home last year with more tenants wanting a home that either allowed pets or had bills included.

Also, on the list are properties that are furnished, or have a garage and/or a garden.

Property market was influenced by availability and affordability

For home buyers, the 2023 property market was also influenced by the availability and affordability of homes and the national average asking price fell 1.1% over the year.

However, this did not reflect the diversity and complexity of the local markets in Great Britain, which had different supply and demand dynamics.

Some areas saw an increase in asking prices, such as Sandbanks in Poole, Dorset, which was the price hotspot of 2023, with an average asking price of £1,909,943, up by 20% from 2022.

Many areas saw an increase in asking prices

Rightmove’s property expert, Tim Bannister, said: “Even in the more muted market of 2023, many areas across Great Britain saw an increase in asking prices last year.

“Many traditionally popular areas maintained their allure amongst buyers, whilst cheaper areas were also high on the list for buyers last year with affordability stretched.

“Whilst a garden, garage and more land remain high priorities for those searching for a move, we also know from our research that more intangible factors are key to home-hunters when deciding on a move.”

He added: “A strong sense of community, friendly neighbours and an area people can feel happy in are some of the most important things movers are looking for.”

Speed of the market also varied across different areas

The speed of the market also varied across different areas and the average time to find a buyer was 66 days, but in Scotland it was 37 days.

Most of the quickest markets are in Scotland and the quickest in Britain was Rosyth in Dunfermline, Fife, where the average home found a buyer in just 17 days.

The quickest market outside of Scotland was Redfield in Bristol, where the average home found a buyer in 25 days.

Buyers also had different features that they searched for, and the most popular feature was a garage, followed by annexe, acre, garden and land.

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