London's rents hit their highest rate in more than 10 years in March as tenants compete for the limited number of homes on the market. The Office for National Statistics (ONS) said rents in London last month rose by 41.8TP3T annually, while across Britain they are expected to continue rising over the next year.
Bloomberg News Agency quoted the ONS as saying that rents in London last month rose by 41.8TP3T annually, while across Britain they are expected to continue rising over the next year. <According to Propertymark, which represents estate agents in Britain, the figures point to a huge imbalance in the rental market with 10 potential tenants per unit. <Supply in the market is shrinking due to a lack of new housing and landlords exiting the market due to the pressures of rising mortgage borrowing costs combined with regulatory restrictions and tax pressures. At the same time there is a huge increase in demand for rental units, especially from younger generations struggling to find a home. <London experienced the fastest increase in residential rents since December 2012, while rents increased by more in the East Midlands and Northern Ireland. Overall, rents in Britain rose by 41.9TP3T y/y last month after rising by 41.8TP3T in the previous month.
Rents in Britain rose by 41.9TP3T y/y last month. <Meanwhile, the real estate market in Britain as a whole continued to slow down, according to official price data. The average house price in Britain fell 2% from the peak to 288,000 pounds ($358,000) in February, but was still 5.5TP3T higher than in the same month last year.
Britain's median house price fell 2% from the peak to 288,000 pounds ($358,000) in February. The year-on-year increase was lowest in the capital at 21.9TP3T and highest in Northern Ireland at 101.2TP3T.
The year-on-year increase was lowest in the capital at 21.9TP3T and highest in Northern Ireland at 101.2TP3T.
