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.
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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