A recent report by Rightmove has shown that rising property values have pushed more people into the rental market as they have been priced out of the buying market. This in turn has led to an increase in rent in nearly all areas of the UK as demand continually outstrips supply.
Rightmove report a 52% increase in email enquiries compared to the same period last year. Prices also increased by 2.7% in the second quarter of the year.
Outside London, average rents increased from £741 in the first quarter to £761 in the second quarter which showed an increase of 4.2% on the second quarter of last year.
The head of lettings at Rightmove, SamMitchell said “Rents have grown this quarter in nearly all regions of England and Wales, fuelled by demand outstripping supply in many of the sought-after areas, especially in the east of England and the more affordable areas of London”.