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Private rent in the UK now swallows 44 per cent of the average wage, it has been warned. The monthly cost has jumped to a record £1,385 outside London, and £2,736 in the capital, with hotspots showing hefty rises. The typical advertised private rent outside London for properties coming on to the market rose to a record £1,385 a calendar month in the third quarter of this year, according to the property website Rightmove. The average London rent reached a new high of £2,736. Colleen Babcock, a property expert at Rightmove, said: “Sustained high mortgage costs mean landlords need to make sure purchases are viable and uncertainty around legislation like the Renters’ Rights Bill and what may or may not be in the upcoming autumn Budget isn’t helpful when looking to make financial investments.” READ MORE Thousands of Blue Badge holders issued update over free bus travel Daniel Fisher, head of lettings at John D Wood & Co said in a warning for renters: “Many landlords are hesitant to invest amid limited capital growth, shifting tax rules and ongoing uncertainty around the Renters’ Rights Bill and the Budget. “The result is a slower, more cautious market that’s likely to remain uneven over the next year or so – though this also presents opportunities for well-capitalised landlords to expand as others exit, and for tenants to benefit from a wider choice of homes.” The number of available homes to rent is nine per cent higher than a year ago but 23 per cent lower than six years ago, back in 2019, Rightmove said. Despite the dip compared with 2019, it is the closest the market has been to pre Covid levels of available supply for four years, the website added. Average rents outside of London were 3.1 per cent higher than a year ago, according to the property listings website. The research was released on Monday, October 27.
