What is happening in the rental market? 🏡

Here at Signature Lettings we keep an eye on the changes in the rental market, not only locally but across the country too.

With changes in the sector being discussed in parliament and worries on the horizon for landlords we took a closer look at the trends affecting the rental market in Q4 of 2023 across the country.

👉 Average rents in the UK rise by 0.2% reaching a new record of £1,280 PCM

👉 Rents are now 9.2% higher than last year (2022), the lowest annual growth in rents since 2021.

👉 However, tenant demand has eased with enquiries 13% lower than this time last year and supply is improving with 7% more rental properties coming to market than last year.

Rightmove's property expert Timothy Bannister says: "We can’t keep seeing double digit rent rises every year as tenant affordability simply cannot keep up, and 2024 is the year we think there will be a much smaller increase in advertised rents."

Locally, here in the east of England the average monthly rental price is now £1553.00 PCM  with an increase of 9.6% over the period of 2023. 

 

Bedford and surrounding areas has seen a dramatic rise in rental prices over the past 9 to 12 months but since December 2023 prices have remained steady and the start of 2024 has brought with it new demand to different type of property in the local area. 

 

If you are looking to discuss the local property market or are wanting further information on the current rental prices being achieved in the local area please do get in contact and we will happily talk you through step by step.

 

*All figures taken from Rightmove's Q4 rental trends tracker report released in January 2024