Private residential rents rise at record rate

Private residential rents are rising at their fastest pace ever. The average advertised rent outside London is 9.9% higher than a year ago, according to Rightmove, at £1,068. In London it is £2,142. The increase has been attributed to a mismatch between the number of tenants looking for a place and the stock of available properties. Tenant demand is 32% higher than this time last year, but the number of available properties is 51% lower. Rightmove named a number of “rental hotspots” that had seen typical rents increase by between 14% and 20% in a year. They include three Kent coastal towns – Ramsgate, Chatham and Folkestone – as well as Ascot in Berkshire and Bridgwater in Somerset. The website is predicting a further 5% increase in average asking rents this year. The Guardian