Rental prices hit a new record high.
By Grant Brooks – MD Edwards Estate Agents
Residential rental prices have now reached £1,344 on average per month, having increased by 5.2% annually, according to the property portal Rightmove.
The average rent advertised for London properties also reached a new record of £2,694 per month, which was 2.5% higher than a year earlier, Rightmove said.
The figures cover the third quarter of 2024 across Britain.
In the statement from Rightmove, it also confirmed that the average number of inquiries for each rental property is now 15, which is down from the high of 23 last year, but nearly double the the number recorded in 2019 of just 8.
Improved supply of rental homes
The supply of homes available to rent has increased annually but is still below 2019 levels, as outlined in the Rightmove statement.
It added that the initial rental price on more than a fifth (21%) of properties are being reduced before a tenant is found. This is up from one in six (16%) last year.
As well as a higher proportion of asking rent reductions, Rightmove also said there were signs of some landlords selling up, with 18% of homes for sale being previously available to rent, up from 8% in 2010.
Rightmove’s director of property science Tim Bannister said: “While we’re seeing some signs of improvement in the market’s chronic levels of demand and supply imbalance helped by a slight increase in the number of available rental properties, affordability remains a key challenge for renters as prices continue to hit new records.
“Tenant competition has eased slightly from last year, but the market is still far from balanced.”
Dorset rental market
There is strong demand for the rental property in Ferndown and across Dorset as a whole, rental values remain strong as local demand for rental homes continues to significantly outstrip supply.
Locally we have seen a small number of landlords decide to sell in recent months due to the likely changes to CGT. Although, with strong rental values, the Dorset private rental sector continues to outperform many other investment opportunities, which is increasingly attracting serious property sector investors.
We are happy to assist Landlords navigate new legislation and regulations and have some excellent, high-quality, fully qualified tenants in all price ranges waiting for the right property. Contact our rental team today for more information –
Some of the fantastic properties listed for sale and to rent in Ferndown and across Dorset this month
House for Sale in Wimborne – Guide Price £1,000,000
House for Sale in Ferndown – £800,000
House for Sale in Wimborne – £750,000
Bungalow for Sale in Ferndown – Guide Price £575,000
House for Sale in Wimborne – Guide Price £340,000
Flat To Rent in Bournemouth – Price £1.700 pcm
House To Rent in Wimborne – Price £6,000 pcm
To see the very latest homes to come to the market, click ‘New to market homes’, this lists all of our very latest properties for sale.
Or see more ‘Recently Sold Properties’.
Ready for an Autumn move?
If you would like some help or advice, please feel free to give me a call at our Ferndown Office anytime.
You can use our Instant Online Valuation or book a Face to Face Valuation.
Until next month, happy house hunting.
Grant Brooks – Edwards Estate Agents
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