Rent prices continue to climb across all regions, except for London, where an oversupply of available properties has led to a decline in rental rates. The Home website, renowned for its monthly sales and rental index, reports a positive annualized growth trend in all areas, with the notable exception of Greater London.
Rents still rising in all regions - except London
Rent prices continue to climb across all regions, except for London, where an oversupply of available properties has led to a decline in rental rates. The Home website, renowned for its monthly sales and rental index, reports a positive annualized growth trend in all areas, with the notable exception of Greater London.
According to Home's latest findings, London has experienced a 3.4% year-on-year decrease in rents, signaling a shift towards negative growth in the capital. The report highlights that 13 prime boroughs now exhibit year-on-year drops in asking rents, a notable increase from the previous month's 12. Kensington and Chelsea emerge as the worst performer, showing a substantial year-on-year decline of 11.9%.
In contrast, the overall average asking rents across the UK have risen by 3.9% since February 2023. The North East region has emerged as a standout leader in rental growth, boasting a remarkable surge of 14.1% year-on-year. Despite the broader positive trend, the challenges in the London rental market underscore the dynamic nature of the real estate landscape.
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