Real Estate
UK Rents Rise at the Slowest Pace Since 2021 as Demand Eases
- Average cost of renting still higher than before the pandemic
- Low investment in new lets means supply shortage will persist
Rents for new lets have been rising faster than average earnings for over two and a half years, and the proportion of gross earnings spent on rent is at the highest level for a decade across all UK regions and countries.
Photographer: Jose Sarmento Matos/BloombergThis article is for subscribers only.
Tenants in the UK got a small respite from spiraling rents in April, with competition for properties slipping from the fiercest levels in years, according to property portal Zoopla.
Annual inflation for new lets eased to 6.6%, the lowest growth since October 2021 and compared to 10% a year ago, Zoopla said. Some of this was due to the cost of mortgages ticking lower, enticing more renters into buying properties and in turn lowering demand for tenancies.