Rental Prices for Homes in Britain Rise as Supply Tightens
Arslan Butt • 1 min read
Research by Hamptons International reveals that rental prices for homes in Britain have risen by 2.1% YoY in November vs. a 1.1% increase seen during the corresponding period a year ago. Average rent for a newly let home in November 2019 was around £989/month, around £20/month higher than in 2018.
Rental prices have been driven higher mainly due to a decline in landlord purchases in the past few years, impacting supply of rental homes available in the market. However, there are encouraging signs of a turnaround with landlord purchases in London touching 13% till November 2019, higher than the 11% touched during the same period last year.
According to head of research at Hamptons International, Aneisha Beveridge, “After four years of falls there are now signs that landlords are beginning to return to the market – particularly in London where house price falls and steady rental growth are gradually enticing investors back.”