Rental enquiries down but still double pandemic levels

The average UK rent is now £1,223 per month and there remain more than 15 enquires for every home for rent – this is down from over 40 enquiries in 2021 but still double pre-pandemic levels. UK rental inflation has slowed to 7.8%, down from 11% a year ago – the lowest rate for 2 years, according to Zoopla’s latest Rental Report. The latest Royal Institution of Chartered Surveyors (RICS) UK Residential Survey shows the battle between tenant demand and lack of available rental properties continues, with 34% of survey respondents still expecting rental prices to rise in the next three months. The government introduced the Renters (Reform) Bill to parliament in May 2023 to “create a fairer private rental sector’. The wide-ranging reforms have been dubbed “the biggest shake-up of the private rented sector in 30 years.” The bill is now going through a parliamentary process before it becomes law.

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