Auction House London

Driven by an ongoing imbalance of supply and demand, rents in the UK letting market have reached a new record high.
Data revealed by Rightmove confirms robust growth in demand for rental property and the cost of rents.

In March this year, average asking prices for new property on the market soared by 17%, equating to an average £5,760 rise, and taking the cost of a home in Britain to an average £354,564.

2021 saw a record-number of buy-to-let companies set up. Data from Companies House shows that last year 47,000 new BTL companies were formed in the UK.

The average cost of rent in the UK increased during Q4 of 2021, rising for a fifth consecutive quarter.

Data from the Deposit Protection Service (DPS) shows that average rents in Britain reached £834 a month in the last three months of 2021. This represented an increase of £16 a month – 1.96% – on the previous quarter, and a rise of £43 – 5.30% – on the third quarter of 2020.