Twenty-one people chasing every rental property, says Zoopla
An average of 21 people are competing for every rental property advertised, according to new figures from property portal Zoopla.
The figure is more than twice the pre-pandemic average and up from an average of 15 recorded in the last Zoopla report in June.
While there are now 18% more rental homes available than this time last year –something Zoopla attributes to lower mortgage rates allowing some renters to buy their first property – there are still 24% fewer homes available than before the pandemic.
The NRLA fear this situation could be exacerbated by the recent announcement of the Renters’ Rights Bill which will see the abolition of section 21 and the fixed term, as well as potential tax changes in the Autumn Statement.
We are continuing to lobby for adjustments to the Bill and any timetable for implementation, to ensure the sector has time to prepare and to that landlords have the confidence to remain in the sector and continue to invest.
Average rents
According to the report the average rent for new lets in the UK is £1,245 as of July 2024, with rents rising 5.4% in the last year.
While this is the slowest rate of growth in three years, a combination of high demand and a low supply of properties means rents remain high.
Zoopla predicts rents will rise 3-4% over 2024, with the supply/demand imbalance set to remain into 2025.
More information
To read the Zoopla report in full click here.
Keep up to date with all the very latest on the Renters’ Rights Bill:
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On our Renters' Rights Bill hub, which will feature the latest news and analysis
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By watching a recording of our member-only webinar which was held on Thursday - hosted by our chief executive Ben Beadle and with guest speakers: Guy Horsington, deputy director for the private rented sector, Ministry of Housing, Communities and Local Government; Rik Smith, director of tenancy services, Goodlord – as well as the NRLA’s Policy Director, Chris Norris, and James Wood, Head of Policy.
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By attending the NRLA's annual Landlord Conference, which will offer a unique opportunity for property professionals to find out more about the Bill - and the changes we can expect to see - from expert speakers from across the industry. Tickets for the event, which will be held at Birmingham's NEC on November 6, are selling fast, so to find out more and book your place, click here.
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For the latest on the NRLA’s tax campaign click here.
